Public Management

Africa’s military spending sees sharp rise, fueled by North African arms race

Africa’s military spending sees sharp rise, fueled by North African arms race
Friday, 26 April 2024 12:20

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.

Screenshot 20240425 142532 Samsung Notes

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.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
FCMB Group has raised capital to meet the Central Bank of Nigeria’s new requirements. The recapitalization combined a public share offer and a partial...
IFC plans a guarantee facility of up to $50 million for Nairobi-based reinsurer ZEP-RE. The mechanism aims to strengthen the company’s credit...
An IMF delegation completed a 10-day mission in Libreville to review Gabon’s economic situation. The institution welcomed recent reforms but urged...
BGFIBank Côte d’Ivoire increased its capital to CFA60 billion ($106 million). The move follows a similar capital increase at BGFIBank Cameroon. The...
Most Read
01

Military escalation between Iran, Israel, and the United States has raised the risk of disruptions...

As Hormuz and Suez Tensions Escalate, Africa Faces a Potential Energy and Trade Shock
02

Ethio Telecom has signed a new agreement with Ericsson to expand and modernize its telecom netwo...

Ethiopia’s State-Owned Telco Teams Up With Ericsson to Expand and Upgrade Its Network
03

Central Bank of Nigeria said 20 commercial banks have met new minimum capital requirements, with...

Nigeria Advances Banking Reform With Strong Recapitalization Progress
04

Senegal launches 200 billion CFA bond in UEMOA Proceeds to fund 2026 budget, transformation agend...

Senegal Launches $360 Million Regional Bond Sale
05

The BCEAO cut its main policy rate by 25 basis points to 3.00%, effective March 16. Inflation...

BCEAO Cuts Key Rate to 3.00% as WAEMU Faces Deflation
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.