The federal and state governments have been challenged to exploit the growing global space economy to improve Nigeria’s economy.
The chairman of the Local Organising Committee for the Africa Space Economy Conference, Osi Imomoh, said the global space economy grew 8 per cent to $546 billion in 2022 and is projected to increase by another 41 per cent over the next five years.
Speaking on the sidelines of the 18th Abuja International Trade Fair, Imomoh said there is the need for Nigeria to take advantage of the space economy to generate revenues for governments with potential to curb pipeline vandalism.
He said through the African Space Economy Conference scheduled for 16th to 20th November, 2023 being jointly organised by the Abuja Chamber of Commerce and Industry (ACCI) and the National Space Research and Development Agency (NASRDA), participants would explore the benefits embedded in the space economy as an emerging sub-sector of global space ecosystem.
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“The conference will demystify space technology and how it is already helping in the ordinary day living of Nigerians and Africans and give practical tips and examples on how state inland revenue agencies can increase their IGR immediately and enable their states to be self-sufficient, financially,” he said.
He added that land administration agencies in the states and FCT are among those to benefit from the conference.
On her part, the Director General of ACCI, Victoria Akai, said the conference is an opportunity for Nigeria to take stock of progress made in the economy and plot a course for the future.
“We will also hear from Nigerian entrepreneurs and innovators who are using space-based technologies to drive economic growth and create opportunities for our people. We will learn from them and explore new ways for us to use space technology to solve some of our most pressing challenges,” she said.