The President of the Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu, has said that Nigeria’s space economy has the potential to contribute at least $1 billion yearly to the country’s Gross Domestic Product (GDP) if the government adopts the right policies and attracts strategic investments.
Chief Obegolu made this known in Abuja on Tuesday during the second edition of the Africa Space Economy Conference and Exhibition (ASEC) 2025. He said the global space economy has moved beyond science and national pride and has now become a key driver of innovation, investment, job creation, and economic growth. He warned that Nigeria must not be left behind.
According to him, by 2035, Nigeria’s wider business environment could gain between $15 billion and $25 billion annually from the space economy. He explained that these benefits would cut across major sectors such as agriculture, telecommunications, logistics, oil and gas, and others.
Obegolu stressed that these projections are not dreams but achievable goals, provided Nigeria builds strong public-private partnerships, attracts both local and foreign direct investment, and fosters a business environment that supports innovation.
“In 2023, the global space economy was valued at over $546 billion. The private sector accounted for about 77 percent of that amount. With targeted investments and the right policies, Nigeria’s space economy can generate at least $1 billion per year by the late 2020s, with private sector contributions reaching between $700 million and $800 million,” he said.
He encouraged Nigerian startups, SMEs, and investors to take advantage of the opportunities that the space economy offers. These include satellite infrastructure, data-driven platforms, and tech-based business models that can support the continent’s growing population and economic demands.
Obegolu described ASEC as more than just a conference but a vital platform for investment, learning, and future-proofing businesses.
Speaking at the same event, the Director-General of the National Space Research and Development Agency (NASRDA), Dr Mathew Adepoju, called on African countries to go beyond just consuming foreign space technologies. He said Africa must now build its own capabilities in space research, development, and commercial use.
Dr Adepoju pointed out that with digital transformation reshaping industries globally, Africa must position itself as an active contributor and not just a user of space-based services.
Also present at the event was the Minister of Innovation, Science and Technology, Chief Uche Nnaji, who said that the development of Africa’s space economy cannot be done by one country alone. He stressed the need for collaboration, partnerships, and regional cooperation.
Chief Nnaji noted that space technologies have the power to improve weather forecasting, boost digital connectivity, strengthen resource management, and even help deliver better healthcare across Africa.
He said, “Africa has a major role to play in transforming the global space sector. But to do this, we must work together. Public-private partnerships, international cooperation, and strong regional collaboration are key. We must invest in our people, encourage innovation, and adopt bold policies that can push Africa forward.”
He called on governments, private sector leaders, researchers, and development organisations to work together to build a strong African space economy that promotes sovereignty, resilience, and economic independence.
The event brought together business leaders, government officials, researchers, and international partners to explore how Nigeria and Africa can tap into the fast-growing global space economy, which is expected to continue expanding over the coming decades.
