In a revealing report, Business Insider Africa has identified the 10 African countries with the lowest military spending, shedding light on the continent's diverse security approaches and economic realities. The data, sourced from Statista, shows that Africa accounts for only 2% of global military spending, despite a 4.2% increase in 2020.

The list features Liberia, Sierra Leone, CAR, Somalia, Benin, Eritrea, Madagascar, Zimbabwe, Mozambique, and Mauritania, with military budgets ranging from $11.8 million to $194.48 million. These countries' low military spending can be attributed to factors such as limited financial resources, post-conflict reconstruction, and dependence on external security.

This report highlights the complexities of security financing in Africa, where wealthier countries like Algeria, Egypt, and South Africa allocate significant resources to defense due to their economic capabilities. The findings have significant implications for startups and entrepreneurs operating in the African market, particularly those involved in defense technology and security solutions.

The report also underscores the need for African countries to prioritize or reduce defense spending, considering regional conflicts, security threats, and economic factors. As the global military spending reaches a record high of $2.443 trillion, African countries must navigate their unique security challenges while balancing economic development and growth.