Nigeria imported N3.25 trillion worth of armoured vehicles between October 1 and December 31 of 2023

It has been observed that there has been an increase in the importation of armoured vehicles in Nigeria. This could be attributed to the rise in security challenges within the country, particularly in the Northeast and Southeast, where groups like Boko Haram and groups called Umu Oma in the Southeast have been causing insurgency. Also, there have been communal clashes in the Middle Belt and an increase in banditry and kidnapping across the country. The government may have increased its spending on armoured vehicles to equip the military and police forces better to address and mitigate these threats.

According to the National Bureau of Statistics (NBS), the foreign trade reports showed that Nigeria spent over N5.06 trillion importing armoured vehicles. The total import bill for Nigeria in Q4 2023 was N14.108 trillion, a 56.04% increase from the previous quarter and a significant 163.08% surge from the same quarter in 2022. This import increase is mainly due to the massive investment in armoured vehicles.

Armoured vehicles emerged as the predominant category of imports, accounting for 35.87% of the total import value, followed by ordinary motor spirit and gas oil, which accounted for 12.81% and 8.48%, respectively. The report stated: “The commodities with the largest values of imported products were ‘Tanks and other armoured fighting vehicles, motorised, whet’ worth N5,061.25 billion or 35.87%, ‘Motor spirit, ordinary’ valued at N1,807.48 billion or 12.81%, and ‘Gas oil’ valued at N1,196.26 billion or 8.48%.”

The value of imported manufactured goods also increased to N9.026 trillion in the quarter under review, with increases of 128.12% and 268.76% compared to Q3 2023 and Q4 2022, respectively. This rise was significantly influenced by the import of armoured vehicles from Singapore.