Military expenditures on the continent have surged, with North Africa outpacing Sub-Saharan Africa, driven by the ongoing arms race between Algeria and Morocco.
Stockholm International Peace Research Institute (SIPRI) issued a report on April 22 revealing that the cumulative military spending by African countries reached $51.6 billion in 2023, up 22% from 2022.
Titled "Trends in World Military Expenditure 2023," the report highlights that North African countries spent $28.5 billion on their militaries in the past year, a 38% surge compared to the previous year.
Algeria and Morocco accounted for 82% of the total military spending in the sub-region in 2023. The regional tensions stemming from the Western Sahara conflict, pitting Morocco against the Polisario Front independence movement backed by Algeria since 1975, have fueled a new arms race between these Maghreb nations.
In 2023, Algeria's military spending dropped by 7.6% to $18.3 billion, while Morocco saw a 2.5% decrease to $5.2 billion. Meanwhile, military expenditures in Sub-Saharan Africa rose by 8.9% in 2023, reaching $23.1 billion, driven by significant increases in Nigeria, the DRC, and South Sudan.
The report also notes that global military spending hit a record $2.443 trillion last year, a 6.8% increase from 2022. The largest year-over-year surge since 2009 was observed globally, with Europe, Asia, Oceania, and the Middle East experiencing substantial spikes amid heightened geopolitical tensions.
The United States, China, Russia, India, and Saudi Arabia were the top five spenders in the past year, collectively representing 60% of the world's military expenditures.
Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...
BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
This week, Africa’s health outlook is shaped by mounting supply chain risks tied to global tensions,...
West African Development Bank allocates $131.8 million to support cotton sectors in Burkina F...
New Johannesburg center aims to train partners and expand AI capabilities Focus on moving local firms from resellers to solution developers Initiative...
AfDB launches initiative to redesign how Africa mobilizes and deploys capital Financing gap exceeds $400 billion despite large domestic...
Ethiopian Airlines and Asky plan a regional aircraft maintenance hub West Africa faces a shortage of MRO infrastructure Project enters a growing but...
South Africa, Nigeria, and Kenya rank as Africa’s most competitive outsourcing hubs Seven African countries place in the global top 25, matching Asia’s...
Sungbo Eredo, located in southwestern Nigeria near the Yoruba town of Ijebu-Ode, stands as one of the most remarkable yet overlooked monuments of...
“Dodji, l’Archet Vodoun” is a documentary about reconnecting with ancestral culture to understand one’s origins, following an initiation ceremony that...