The oil refining industry experienced the highest industrial decline in 2022
Nigeria's GDP grew by 3.1% in 2022, with at least 17 of its industries recording less than 5% growth individually. The oil refining industry experienced the least growth, contributing ₦11.2 billion — 42% less than ₦19.3 billion in 2021.
The Army has been allocated ₦1.50tn, more than half of the top-ten defence allocations, making it the backbone of Nigeria’s security spending.
The Navy (₦443.9bn) and Air Force (₦407.2bn) come next, but together they are far behind the Army.
Institutions like the Defence Intelligence Agency, Training and Doctrine Command, and Defence Missions receive meaningful but much smaller funding, reinforcing their support-role status.
The Defence Space Administration (₦37.3bn) is on the table, but its small size shows Nigeria is only cautiously stepping into cyber- and space-based security.
The Federal Ministry of Finance dominates with ₦16.78 trillion, accounting for nearly ₦1 in every ₦3 spent among the top ministries.
Combined, the ministries of Finance and Budget & Economic Planning control more than 50% of the listed allocations, underscoring the government’s focus on fiscal strategy and economic agenda.
The Works and Defence sectors rank third and fourth, reflecting continuous prioritisation of infrastructure development and national security.
Education and Health, while critical, receive smaller shares, signalling potential pressure points in human capital development funding
