Nigeria Cut Down on Weapons Import despite Rising Insecurity

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CEM REPORT | Nigeria has spent N4.89 billion on the importation of arms and ammunition in the first quarter of 2022,

This is 86.8% decrease to the N37.09 billion spent in the corresponding period of the previous year.

According to the National Bureau of Statistics Foreign Trade Report for Q1 of 2022. The N4.89 billion recorded in Q1 2022 also represents a 47.5% decrease compared to N9.32 billion spent in the previous quarter.

The fall comes despite the rise in crimes and massacres, and the 2023 election fast approaching. Although in 2021 Nigeria’s arms imports hit a record high of N72.49 billion.

The continuous steady increase of insecurity terrorism, banditry, armed robbery, land border smuggling, and outright killings, amongst others have continued to have adverse effects on the nations economy, especially with its inherent macro-economic issues currently ravaging the country.

According to the UNDP’s report, these attacks have led to a decline in agricultural production and trade, reducing access to food and threatening the many households who depend on agriculture for income.

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Furthermore, the report according to Nairametrics noted that over 100 thousand Nigerians have been displaced from their homes. Consequently implying loss of livelihoods, assets, and critical support systems. Also leading to huge migration, causing overcrowding in some areas of the country that is perceived as safe.

On foreign investment, insecurity has dragged foreign direct investment to the floor with low portfolio investments.

Although, most of these attacks have been heard and seen in the northern region, other parts of the country have begun to experience their share of attacks.

The United Nations Development Programme in a report titled; “Assessing the impact of conflict on development in North-East Nigeria” stated that the country has lost an estimated 350,000 people to the conflict in the Northeastern region, with 314,000 of the deaths from indirect causes.

This is before the recent massacre in Owo, Ondo State, where unknown gunmen stormed into a church, killing scores of people.

 

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