The President of Abuja Chamber of Commerce and Industry, Barr. Emeka Obegolu, has estimated that Nigeria’s space economy has the potential of contributing $1 billion yearly to the nation’s Gross Domestic Product (GDP) if the right policies are put in place.
Obegolu, who made this projection in his speech speaking on Tuesday at the 2nd edition of the Africa Space Economy Conference and Exhibition 2025 held in Abuja, noted that globally, the space economy had transited from a mere scientific drive or a matter of national pride to become a hub of economic growth, job creation, innovation, and investments.
The organized private sector (OPS) leader projected that by 2035, Nigeria’s business ecosystem could benefit from an annual value of between $15 billion to $25 billion across critical sectors like agriculture, telecommunications, logistics, oil and gas, and manufacturing, among others.
The industry expert explained that the digital space projection were not distant dreams but are feasible if the Nigerian government continued to mobilise strategic public-private partnerships, attract domestic and foreign direct investments, and create a business-friendly environment that supports technological innovations.
The ACCI President clarified: “In 2023, the global space economy was valued at over $546bn, with the private sector contributing approximately 77 per cent of that value.
“With targeted investment and the right policy frameworks, Nigeria’s space economy has the potential to contribute at least $1bn annually to our national GDP by the late 2020s, with the private sector accounting for $700 to $800m of that contribution”, he added.
In his address at the forum, the Director-General, National Space Research and Development Agency (NASDRA), Dr. Mathew Adepoju, pointed out that with the advancement in industrial revolution underpinned by digital transformation, Africa cannot afford to remain on the sidelines.
To avoid this, the techno expert advocated: “The continent must move beyond being a consumer of imported space technologies and begin to build its own capabilities in space research, development, and commercialisation. We must act deliberately to position Africa as a contributor and leader in the global space economy.”
This is even as the Minister of Innovation, Science and Technology, Uche Nnaji, maintained that no single nation can unlock the full potential of the space economy alone, hence the calling by national governments for collaboration and investment in transforming the space economy.
He expatiated: “Africa has a critical role in this transformation. By embracing space technologies, we can enhance weather forecasting, resource management, healthcare delivery and digital connectivity, delivering real benefits to communities across the continent.
“To achieve this, collaboration is essential. No single nation can unlock the full potential of the space economy alone. We must strengthen public-private partnerships, international alliances and regional cooperation to share knowledge, develop infrastructure and build collective capacity.
“Africa must invest in talent, foster innovation and adopt bold policies. By doing so, we can not only participate in the global space sector but also shape it, advancing our sovereignty, resilience and economic self-reliance. I call on governments, industry leaders, researchers and development partners to join hands in building Africa’s space economy”, the minister added.
