According to the National Bureau of Statistics (NBS), Nigeria’s import spending on armored vehicles in the last quarter of 2023 far outpaced that on petroleum.
JOIN US FOR MORE ON:
or
or Follow us on WhatsApp Channel
Nigeria paid more than N5.06 trillion on the importation of armored vehicles, much above the N1.81 trillion spent on Premium Motor Spirit (PMS), or gasoline, according to the NBS’s most recent foreign trade data. The difference between the amount spent on armored vehicles to PMS is a staggering N3.25 trillion in Q4 2023.
This development is probably a result of the nation’s deteriorating security circumstances.
For imports, it said the top five trading partners were Singapore with goods valued at N5trn or 36.09 per cent, China with N2trn or 14.61 per cent, Belgium with N1.1trn or 8.09 per cent, India with N908.5bn or 6.44 per cent and The United States of America with goods valued at N512.9bn or 3.64 per cent.
Understand that:
- The surge in the importation of armored vehicles may be due to rising security challenges in the country and regional tensions in neighbouring countries.
- Nigeria has faced various security challenges, including insurgency in the Northeast by groups like Boko Haram, communal clashes in the Middle Belt, and rising banditry and kidnapping across the country. Increased spending on armoured vehicles could respond to these security issues, aiming to equip the military and police forces better to address and mitigate these threats.
- Also, Nigeria plays a significant role in regional security in West Africa, often participating in peacekeeping and security operations in other countries. Investing in armored vehicles may help the country fulfil its commitments and maintain its status as a regional power.