Key Market Indicators
Nigeria's defence expenditure is projected to climb to approximately $3.38 billion by 2028, marking an increase from $3.23 billion in 2023. This represents a compound annual growth rate (CAGR) of 0.7%. Historical data reveals a significant upward trend in Nigeria's defence spending. Since 1965, the country's demand for defence resources has risen by an average of 9.6% annually. The steady growth in defence expenditure reflects Nigeria's ongoing commitment to bolstering its military capabilities amidst regional security challenges.
