By Anthony Maliki, Abuja
The President, Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegulo, SAN, Ph.D, has described space economy as a vital engine of economic growth, job creation, innovation, and investment.
He said space economy is no longer just a scientific pursuit or a matter of national pride.
The President said globally Space Economy earned $546 billion in 2023, with the private sector contributing approximately 77% of that value.
Chief Obegolu made the remarks Tuesday in Abuja at opening of the 2nd edition of the Africa Space Economy Conference and Exhibition organized by the Abuja Chamber of Commerce and Industry (ACCI) in conjunction with National Space Research and Development Agency (NASRDA).
With this year’s conference, “Space Economy and Emerging Markets in Africa,” he said Nigeria’s space economy has the potential to contribute at least $1 billion annually to national GDP by the late 2020s, with the private sector accounting for $700 to $800 million of that contribution.
According to him, 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.
He pointed out that the conference follows the tremendous success of the inaugural edition held in October 2023, which brought together over 350 participants and facilitated transformative engagements and partnerships.
The President noted that the role of the Nigerian business community in this emerging sector is both significant and indispensable.
He explained the 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 and increased global visibility through international space collaborations and innovation exports.
Turning to business leaders, Chief Obegulo noted that, ASEC presents a rare opportunity, a platform not only for learning and dialogue but for investment, networking, and future-proofing your enterprises.
He stressed that 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 said the Abuja Chamber of Commerce and Industry is proud to stand at the forefront of the transformation through its Policy Advocacy Centre and the strategic collaboration with NASRDA, are 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.
Chief Obegolu noted that 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.
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