ACCI Harps On Space Economy For National Development

The President of Abuja Chamber of Commerce and Industry, ACCI, Chief Emeka Obegolu, SAN, has called for policies and programmes that will enhance space economy for national development.

Chief Obegolu made the call during the opening ceremony of the 2nd edition of the Africa Space Economy Conference and Exhibition co- organized by ACCI and NASRDA in Abuja.

He described space economy as an emerging markets not only in Africa but the world at large.

“The theme of this year’s conference, “Space Economy and Emerging Markets in Africa,” could not be timelier because around the world, the space economy is no longer just a scientific pursuit or a matter of national pride; it has become a vital engine of economic growth, job creation, innovation, and investment. In 2023, the global space economy was valued at over $546 billion, with the private sector contributing approximately 77% of that value*.

According to him, Nigeria must not be left behind and with targeted investment and the right policy frameworks, the country’s space economy has the potential to contribute at least $1 billion annually to our national GDP by the late 2020s, with the private sector accounting for $700 to $800 million of that contribution. By 2035, projections show that the broader business ecosystem in Nigeria could benefit from an annual 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.

In his words “These are not distant dreams, they are within reach if we continue to mobilize 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. Space-based technologies already support:
• 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;
• Increased global visibility through international space collaborations and innovation exports.
For our business leaders, ASEC presents a rare opportunity, a platform not only for learning and dialogue but for investment, networking, and future-proofing your enterprises. Startups, SMEs, large corporations, and investors alike can tap into the vast opportunities that the space economy offers, whether through satellite-enabled infrastructure, data-driven services, or tech-based business models that serve Africa’s growing population and economic needs” He stated

“At the Abuja Chamber of Commerce and Industry, we are proud to stand at the forefront of this transformation. Through our Policy Advocacy Centre and our strategic collaboration with NASRDA, we are championing efforts to:
• Mobilise investments into space-tech enterprises,
• Support R&D, innovation, and digital infrastructure development,
• Drive policy reform that incentivises private sector participation in the space economy.
In conclusion, the Nigerian business community stands to benefit immensely from a thriving space economy, not just through direct revenue generation, but through access to real-time intelligence, improved connectivity, global competitiveness, and the birth of entirely new industries and let this second edition of ASEC be a clarion call to action. Let us collaborate, innovate, and invest in the space economy, not only for Nigeria’s futurge but for the sustainable growth of the entire African continent” Chief Obegolu added

In a remark, the Minister of Science and Technology, Chief Uche Godfrey Nnaji said Africa has a critical role in the space economy transformation by embracing space technologies that would enable the continent enhance weather forecasting, resource management, healthcare delivery and digital connectivity.

According to him, to achieve the goal, collaboration is essential as no single nation can unlock the full potential of the space economy alone.

The Minister also stressed the need for Africa to invest in talent, foster innovation and adopt bold policies.

Chief Nnaji equally called on Governments, industry leaders, researchers and development partners to join hands in building Africa”s space economy.