Nigeria’s Arms Import Bill Exceeds N520bn in 2024, Reports Reveal
Nigeria’s expenditure on imported arms and ammunition surged to over N520 billion in 2024, according to the recent Q4 2024 trade statistics report released by the National Bureau of Statistics (NBS) on March 7, 2025. This figure contributes to a staggering total of N777.1 billion spent on arms imports from 2020 to 2024.
The report’s data was compiled from various sources, including the Nigeria Customs Service (through the Integrated Customs Information System), the Nigerian National Petroleum Corporation Limited, as well as other firms in both the upstream and downstream oil sectors. Contributions also came from the Central Bank of Nigeria, multiple private companies, and regulatory agencies like the Federal Airports Authority of Nigeria and the Nigeria Civil Aviation Authority.
Notably, the amount allocated for arms and ammunition in 2024 exceeded all prior years within this four-year timeframe. A particularly high expenditure of N483.85 billion was recorded between October and December 2024 alone.
This trend of increasing importation occurs despite claims from the Minister of State for Defence, Bello Matawalle, who asserted in August 2024 during the 60th anniversary celebrations of the Defence Industries Corporation of Nigeria (DICON) that the nation had begun exporting military equipment to other countries within Africa. Matawalle emphasized the ministry’s efforts to strengthen DICON, aiming to elevate its production capabilities and attract investments, especially from local sources.
He stated, “We have the capability to produce our own armaments, and many African countries are now turning to DICON for their procurement needs.” The Minister further noted that this developmental cue could enhance Nigeria’s foreign exchange earnings, create job opportunities for skilled workers, and mitigate capital flight.
However, the NBS report contrasts Matawalle’s proclamations, revealing that Nigeria’s arms exports amounted to only N192.64 million in 2021 and did not specify the destination of those shipments.
A closer examination of Nigeria’s annual arms spending illustrates a year-on-year increase, with the following figures recorded: N29.24 billion in 2020, N72.50 billion in 2021, N28.24 billion in 2022, and N127.16 billion in 2023, which all precede the dramatic rise in 2024.
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