Nigeria’s defense expenditure to reach US$3.8bn in 2026 driven by militant groups and rising piracy incidents, says GlobalData
As one of the continent’s military powerhouses, Nigeria is seeking to strengthen and upgrade the capabilities of its armed forces between 2022 and 2026. Nigeria’s defense budget is expected to grow at a compound annual growth rate (CAGR) of 10.33% throughout the forecast period to reach a peak of US$3.8bn in 2026.

Growth will be driven by continued insurgent attacks, cybercrime, and rising incidents of piracy, according to GlobalData, a leading data and analytics company.

According to GlobalData’s report, ‘Nigeria Defense Market – Attractiveness, Competitive Landscape, and Forecasts to 2026’, Nigeria has historically prioritized its defense budget in order to combat both regional and domestic threats, reaching a high of US$2.5bn in 2020. However, the country’s 2021 defense budget witnessed a year-over-year (Y-o-Y) growth rate of -0.9% as a result of the COVID-19 pandemic, stabilizing at US$2.5bn for the current year as the country deals with the economic consequences of the pandemic amid a wider global recession.

Victoria Bosomworth, Associate Aerospace and Defense Analyst at GlobalData, comments:

“This substantial increase in defense expenditure, rising from 0.5% as a percentage of Nigeria’s GDP in 2021 to 0.7% of overall GDP spending in 2026, will likely be driven by the country’s attempts at combatting a number of growing threats in the region, such as the continued insurgent attacks by groups, for example, Boko Haram, Ansaru and ISWAP.

This comes at a time where infighting between factions of these various groups has intensified, resulting in the alleged death of Boko Haram leader, Abubakar Shekau, after an attack by ISWAP. Clashes are thus expected to increase in the coming months due to the potential instability caused by the power vacuum created by Shekau’s death.”

Other threats driving defense expenditure during the forecast period include oil smuggling in the Niger Delta, increasing cybercrime and rising incidents of piracy in the Gulf of Guinea. Piracy, in particular, constitutes one of the largest threats, with the Gulf of Guinea, reported as one of the primary piracy locations in 2021.

As an important maritime trade route off the Nigerian coast, the Nigerian Government has invested heavily in ‘Project Deep Blue’ through the funding of a number of important naval procurements in order to reduce maritime insecurity in Nigeria’s territorial waters and Economic Exclusion Zone.”

Bosomworth adds:

“In order to combat these threats, Nigeria has subsequently focused on modernizing and strengthening its capabilities through a number of key procurements, such as the acquisition of Mi-35M helicopters, A-29 Super Tucanos, JF-17 Multirole aircraft, multiple naval vessels and several armoured vehicles.

The acquisition budget for Nigeria in 2021 is set at US$0.3bn, comprising a share of 13.2%, which is expected to rise to a high of US$0.6bn by 2026 and accounting for 15.5%.”

SOURCE: https://brandspurng.com/2021/06/18/nigerias-defense-expenditure-38-2026/

I laugh ooo. Some people are just making money from all these. What a blood money!

Nigeria defense expenditures for service Chief's in 2026

Our Air force 1 bi like toy.

Defence is key to the survival of any Nation, May God help us

Nonsense! We all know 95% if not all of it is going to their personal pockets. If you doubt me, ask Dasuki, Obanikoro and sons...

I just remember the national anthem.

They would only order for fairly used Kalashnikovs from Russia and loot the rest.

Useless country that has been destroyed by abokiis.

Abacha stole over $40billion, Babangida stole what no human being can quantify, Buhari, AbdulSalam etc, which is why they believe in one Nigeria more than anything.

Criminals.

ProfAmaben:
They would only order for fairly used Kalashnikovs from Russia and loot the rest.

Useless country that has been destroyed by abokiis.

Abacha stole over $40billion, Babangida stole what no human being can quantify, Buhari, AbdulSalam etc, which is why they believe in one Nigeria more than anything.

Criminals.

They are BAST.ARDS! THEY WILL SUFFER FOR RUINING THE COUNTRY

During their time, they enjoyed free meal, free schooling, infact, many of them were sent abroad to study. It got to our turn, they scattered everything.
Foods are expensive,
There is no good road,
There is no security,
There is no electricity (yet the tariff is high),
The President is useless,
The Governors are useless,
The Judicial system is a mess,
All the Political parties are filled with Thieves (especially APC and PDP).
All the Leaders are so stupid and lack conscience.

God will punish all of them making life hard for every Nigerian. If they can't die, their kids and Grandkids will suffer for it. They will die shamelessly.

U mean looted funds?

war is a highly lucrative business...

Expenditure with nothing to show for it.

Na so so Big big grammar unna Sabi....Abeg make person summarize am for pidgin for me

Are we fighting the world? The way we are going in Nigeria, Benin Republic will leave us behind in everything. Anyone who tries to check the value of naira to cefa would concur. They say we are giants of Africa. It's true but only in population and not in GDP. How are we giants when south Africa with such a low population had a much more robust GDP than ours? Unfortunately, our population isn't being harnessed to achieve any meaningful progress with the majority falling on the illiteracy side rather, were cutting our population to size everyday by way of mass killings. Except we are deceiving ourselves , no country facing what we are battling with can achieve any meaningful development in centuries.

Corruption with reckless spending is another menace. Our law makers don't want to cut down on expenses, earning the highest among their contemporary globally. They tell us they are patriotic but they're lying. Tell them to cut their emoluments to size and you'd see the their red eyes. Issorite

Good good... USA, UK, France and Russia have seen customer daa daa

Some persons be cashing out at the expense of poor ones lives

Some people have monetized terrorism in nigeria. Chad with defense budget less than one third of ours showed boko haram pepper and wasted them when BH passed their boundary. They even chased them into Nigerian territory and asked our wasteful defense to finish them off but we gave a ragtag boko haram time to regroup first so they can cause more havoc and the milking won’t stop.

Oga o

When your expenditure keeps growing without a corresponding growth in your income, that is how you know that you are failing in a geometrical progression. Nigeria is failing exponentially.

More food for those thieves in the army.

big figures but nothing to show for it!shame!!

Money stolen by generals.

Nigeria is as secured as somalia.

Considering our current challenges, that is too damn small. Compared to even Egypt and Algeria. We should be spending nothing less than $10billion on our armed forces per year at least.

If only the expenditures were well utilized.


Meanwhile, how about a little bible study folks?
Is it enough to accept falsehood on the ground that it prospers or is popular?

Join us as we explore this very important topic which many people try to avoid - even preachers.


https://www.youtube.com/watch?v=y3Q5uFq_iQ4

There is nothing to show for the unnecessary spending on the military

There won't be Nigeria beyond 2023

⏩▶️ Una never survive 2021 finish, yet
una dey predict wetin dem go spend
during the time ⏱️⏲️⏰of another government❗️❗️

Sirmuel1:
During their time, they enjoyed free meal, free schooling, infact, many of them were sent abroad to study. It got to our turn, they scattered everything.
Foods are expensive,
There is no good road,
There is no security,
There is no electricity (yet the tariff is high),
The President is useless,
The Governors are useless,
The Judicial system is a mess,
All the Political parties are filled with Thieves (especially APC and PDP).
All the Leaders are so stupid and lack conscience.

God will punish all of them making life hard for every Nigerian. If they can't die, their kids and Grandkids will suffer for it. They will die shamelessly.

Ameeeeeeeeeeeennnnnnnn