‘Investments in Nigeria’s space economy will boost GDP’

Experts have called for increased investments in Nigeria’s space economy as a way of boosting the Gross Domestic Product.

Available data shows that the space economy is valued at $19 billion on the African continent and about $500 billion in global space.

Speaking yesterday at the first Africa space economy conference and exhibition in Abuja, the President of Abuja Chamber for Commerce and Industry Al-Mujtaba Abubakar said,  “The development of the space sector in Nigeria should be done in a responsible and sustainable manner, which requires investing in research and development, building a skilled workforce, engaging in international cooperation, and promoting public-private partnerships”.

In his opening address, Osi Imomoh, the chairman of the Local Organising Committee disclosed that last year the global value of the space economy stood at $524 billion and it is projected to climb up by 41% in the next 5 years.

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The Director General of the National Space Research and Development Agency, NASRDA, Dr. Ahmad Halilu Shaba said the conference was designed to bring about a confluence between Practitioners in the space science and technology ecosystem.