The President of the Abuja Chamber of Commerce and Industry, Chief Emeka Obegolu, has stated that Nigeria’s space economy is capable of contributing $1bn annually to the country’s Gross Domestic Product if the right policies and targeted investments are in place.
Obegolu, while speaking in Abuja on Tuesday at the 2nd edition of the Africa Space Economy Conference and Exhibition 2025, noted that around the world, the space economy is no longer just a scientific pursuit or a matter of national pride but has become a vital engine of economic growth, job creation, innovation, and investment, hence Nigeria must not be left behind.
He emphasised that by 2035, the broader business ecosystem in Nigeria could benefit from an annual value of up to $15 to $25bn, cutting across critical sectors such as agriculture, telecommunications, logistics, oil and gas and a host of others.
He said these are not distant dreams but are within reach if Nigeria continues to mobilise strategic public-private partnerships, attract domestic and foreign direct investment, and create a business-friendly environment that nurtures innovation.
“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,” Obegolu stated.
Meanwhile, the ACCI boss 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 added 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.
While calling for collaboration and innovation in the space economy, 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.
The Director-General, National Space Research and Development Agency, Dr Mathew Adepoju, stated that with the advancement in industrial revolution underpinned by digital transformation, Africa cannot afford to remain on the sidelines.
“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,” he added.
The Minister of Innovation, Science and Technology, Chief Uche Nnaji, on his part, noted that no single nation can unlock the full potential of the space economy alone, hence calling for collaboration and investment in transforming the space economy.
“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,” he added.
