- A number of African countries have gone on to shore up their budgetary expenditure by increasing spending on hardware and ammunition
- Nigeria and other African countries are battling insurgency and banditry on the continent which threaten to them apart
- The country has seen increased tension in recent times which has made the country the sixth most terrorized country in the world
As Africa battles insurgency, especially in Nigeria where it has assumed alarming proportions with banditry threatening to tear the country apart, Nigeria and other African countries have earmarked huge budgetary expenditures to stem the tide of insecurity and insurgency.
Defence plays a vital part in the internal security of countries across the globe. The need to spend big on defence is becoming more critical among countries in Africa which has the highest number of internal conflicts in the world.
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Nigeria, the sixth most terrorized country in the world
Nigeria stands in the number six position on the global terrorism index ranking in 2022 only bested by countries like Pakistan, Iraq, Somalia, Syria and Burkina Faso.
Escalating conflicts between African countries has led to increased budgetary spending for defence by countries on the continent.
Conflicts have impacted heavily on the economic progress of most countries in Africa which have refocused their energies on securing the lives and livelihoods of their citizens.
Countries like Nigeria have acquired the best military hardware through budgetary expenditure to battle insurgents and banditry in parts of the continent.
Internal conflicts threaten survival of African countries
Every country has budgets for defence but many have witnessed huge implosions of aggression among its citizens and have gone ahead to shore up their budgets for defence.
A Defence budget is the portion of the national budget that is allocated to defence covering salaries, training, and health care; maintains and purchases arms, equipment, and facilities; funds military operations; and funds the development of new technologies, according to Rand Corporation.
15 African countries with the highest defence budgets according to Statista
- Algeria: $9.7 billion
- Nigeria: $5.8 billion
- Morocco: $5.4 billion
- Egypt: $4.3 billion
- Libya: $3.4 billion
- South Africa: $2.9 billion
- Kenya: $1.1 billion
- Tunisia: 1.1 billion
- Angola: $1 billion
- Uganda: $934 million
- Tanzania: $749 million
- Ivory Coast: $651 million
- Mali: $591 million
- Ethiopia: $538 million
- Botswana: $473 million
These are the 10 largest banks in Africa by asset base, Nigerian banks missing
Recall that Legit.ng has reported that despite their huge profit and their pan-African expansion and outlook, Nigeria banks are not among the top 10 biggest banks on the continent.
Checks by Legit.ng reveal that the biggest banks by asset in Africa are mostly domiciled in South Africa which dominates banking on the African continent.
There are about 763 commercial banks on the African continent, according to Business Insider.