Abuja: The National Space Research and Development Agency (NASRDA) has called on African businesses to capitalize on the burgeoning space economy, which is projected to reach an annual value of $1 trillion by 2030, to enhance their global economic standing. Dr. Matthew Adepoju, Director-General of NASRDA, emphasized this during a news conference held in anticipation of the Africa Space Economy Conference and Exhibition (ASEC 2025) in Abuja.
According to News Agency of Nigeria, the conference, scheduled for June 17-19 in partnership with the Abuja Chamber of Commerce and Industry (ACCI), will focus on 'Space Economy and Emerging Markets in Africa.' Adepoju highlighted that the global space economy is on the brink of surpassing $500 billion annually, marking it as the fastest-growing economic sector worldwide. He noted that the space sector offers vast opportunities for African businesses to innovate, invest, and achieve significant returns.
Dr. Adepoju stressed the importance of Africa's participation in the Fourth Industrial Revolution, with space technology at its forefront. He praised President Bola Tinubu for his visionary economic reforms and support for transformative sectors, noting that Tinubu has mandated NASRDA to become a revenue-generating entity for Nigeria. The agency is committed to the full commercialisation and industrialisation of space research, with the ASEC serving as a platform for collaboration among industry players, academia, and research institutions.
Adepoju revealed plans for the launch of four satellites-three optical and one Synthetic Aperture Radar (SAR)-to enhance national security, environmental monitoring, and economic surveillance. He urged African private sector players to become key stakeholders in the emerging trillion-dollar space industry, emphasizing the investment opportunities in satellite technology, data services, rocketry, and space-based applications.
Chief Emeka Obegolu, President of ACCI, represented by Mr. Agabaidu Jideani, noted that Africa is lagging in harnessing the space economy's potential due to challenges such as limited awareness and infrastructure deficits. The conference, developed in collaboration with NASRDA, aims to address these challenges and explore how space-based technologies can drive economic diversification and sustainable development across Africa.
Dr. Haruna Mohammed, co-Chairman of the Organising Committee for the conference, highlighted the private sector's role in leveraging business opportunities in the space economy, which encompasses various aspects such as social, political, and digital economies.