Nigeria’s Space Economy has the potential to contribute at least $1 billion yearly to the national GDP by the late 2020s, the President, Abuja Chamber of Commerce and Industry, Emeka Obegolu, SAN, has said.
Speaking yesterday at the opening of the second edition of the Africa Space Economy Confab and Exhibition (ASEC), Obegolu said the private sector would account for $700 to $800 million of that contribution.
ASEC is jointly organised by the Abuja Chamber of Commerce and Industry (ACCI) and the National Space Research and Development Agency (NASRDA). The first edition was held in October 2023.
The theme for the conference was: ‘Space Economy and Emerging Markets in Africa’.
According to Obegolu, by 2035, projections show that the broader business ecosystem in Nigeria could benefit from a yearly value of up to $15 to $25 billion, cutting across critical sectors such as agriculture, telecommunications, logistics, oil and gas, urban planning, insurance, and data services.
He said that in 2023, when the first edition was held, the global space economy was valued at over $546 billion, with the private sector contributing approximately 77 per cent of that value.
He said the space economy has become a vital engine of economic growth, job creation, innovation, and investment.
“These are not distant dreams; they are within reach if we continue to mobilise strategic public-private partnerships, attract domestic and foreign direct investment, and create a business-friendly environment that nurtures innovation.
“The role of the Nigerian business community in this emerging sector is both significant and indispensable,” he said.
Obegolu said that space-based technologies already supporting improved agricultural productivity through satellite-enabled precision farming and land use mapping, enhanced national security and disaster response via real-time data monitoring, expanded broadband coverage to underserved regions, enabling digital financial services and e-commerce, capacity building through the development of technical skills and new jobs in STEM fields, and increased global visibility through international space collaborations and innovation exports.
The ACCI President said that through the Chamber’s Policy Advocacy Centre, it was engaging in strategic collaboration with NASRDA, and championing efforts to mobilise investments into space-tech enterprises, support R&D, innovation, and digital infrastructure development, and drive policy reform that incentivises private sector participation in the space economy.
In his remarks, Dr Mathew Adepoju, the Director General of NASRDA, said Africa and Nigeria must play a pivotal role for the benefit of the youth of the continent.
Earlier, while declaring open the confab, the Minister of Innovation, Science and Technology, Dr Uche Geoffrey Nnaji, noted that the space economy had evolved from an allied scientific frontier into a catalyst for global progress.
