{"id":117169,"date":"2025-04-08T16:57:13","date_gmt":"2025-04-08T15:57:13","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=117169"},"modified":"2025-04-08T16:57:13","modified_gmt":"2025-04-08T15:57:13","slug":"nigeria-eyes-20bn-annual-revenue-from-space-economy-minister","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/nigeria-eyes-20bn-annual-revenue-from-space-economy-minister\/","title":{"rendered":"Nigeria eyes $20bn annual revenue from space economy \u2013 Minister"},"content":{"rendered":"<div>Daniel Adaji<\/div>\n<div><\/div>\n<div>The Federal Government has announced its target of generating over $20bn annually from Nigeria\u2019s rapidly evolving space economy, leveraging a newly launched space security platform and comprehensive regulatory reforms.<\/div>\n<div><\/div>\n<div>Speaking at the launch event in Abuja on Tuesday, Minister of Innovation, Science and Technology, Chief Uche Geoffrey Nnaji, unveiled the government\u2019s strategic plans to capitalize on space technologies for national revenue generation, particularly in key sectors like oil monitoring and maritime surveillance.<\/div>\n<div><\/div>\n<div>\u201cWith space-based surveillance, we can detect vessels entering Nigerian waters\u2014even those that switch off their transponders to evade detection. We\u2019ll be able to track them, ensure compliance, and collect the appropriate fees. This initiative alone could yield over $20 billion annually,\u201d he said.<\/div>\n<div><\/div>\n<div>The Minister emphasised that Nigeria\u2019s space economy is no longer a futuristic dream but a present-day economic lever.<\/div>\n<div><\/div>\n<div>\u201cSpace is no longer the domain of dreamers alone\u2014it is now the frontier of serious business, innovation, and national security,\u201d he declared.<\/div>\n<div><\/div>\n<div>\u201cOur task is clear: to establish a transparent, well-regulated ecosystem where public and private actors\u2014from startups to established institutions\u2014can thrive,\u201d he added.<\/div>\n<div><\/div>\n<div>The new space security platform is tied to the enforcement of Nigeria\u2019s 2015 Regulations on the Licensing and Supervision of Space Activities.<\/div>\n<div><\/div>\n<div>Section 4(1), mandates that no one \u201cshall carry out activities to which the Regulations apply except under the authority of a license granted by the National Space Council.\u201d<\/div>\n<div><\/div>\n<div>These regulations aim to hold local and foreign operators\u2014such as Starlink and DSTV\u2014accountable under Nigerian law.<\/div>\n<div><\/div>\n<div>\u201cCurrently, some pay appropriate fees, while others contribute minimally, shortchanging Nigerians. This new regulatory framework will address that imbalance,\u201d Nnaji stated.<\/div>\n<div><\/div>\n<div>Director General of the National Space Research and Development Agency (NASRDA), Dr. Matthew Adepoju, echoed the Minister\u2019s sentiments, highlighting the economic, security, and youth empowerment potential of the sector.<\/div>\n<div><\/div>\n<div>\u201cNigeria must remain a forward-thinking nation. We must ensure that space activities within our jurisdiction are properly regulated, commercially optimized, and aligned with international best practices,\u201d Adepoju said.<\/div>\n<div><\/div>\n<div>According to NASRDA, Nigeria can generate about N200bn annually from space-related activities, with potential growth rates of 18\u201320 per cent per year.<\/div>\n<div><\/div>\n<div>The workshop, which gathered key stakeholders from government, academia, and the private sector, marks a pivotal shift in Nigeria\u2019s approach to space as a tool for development.<\/div>\n<div><\/div>\n<div>It also underscores the urgency to reform existing legal frameworks.<\/div>\n<div><\/div>\n<div>Legal expert Dr. Olisa Agbakoba, who also spoke at the event, criticized Nigeria\u2019s outdated space laws.<\/div>\n<div><\/div>\n<div>\u201cOur current laws are outdated. The NASRDA Act is not a true space law. We need a clear economic strategy for space, legal reform, and an updated National Space Policy,\u201d he said.<\/div>\n<div><\/div>\n<div>Agbakoba proposed creating a Center for Space Law and emphasized that space should contribute at least 2% to Nigeria\u2019s GDP.<\/div>\n<div><\/div>\n<div>\u201cLet\u2019s learn from countries like the UAE. Why not aim for Nigerian astronauts\u2014male and female?\u201d he asked.<\/div>\n<div><\/div>\n<div>The Permanent Secretary of the Ministry, Mrs. Esuabana Asanye, while unveiling the new NASRDA logo, positioned the current phase as a new era in Nigeria\u2019s space journey: \u201cWe are now turning the page from the first 25 years, and ushering in a new era\u2014one that will redefine Nigeria\u2019s presence in space.\u201d<\/div>\n<div><\/div>\n<div>Meanwhile, Dr. Umar Bindir stressed the importance of connecting research to industry, saying, \u201cNigeria\u2019s failure isn\u2019t a lack of knowledge or resources, but a disconnect between research, policy, and industry.\u201d<\/div>\n<div><\/div>\n<div>In closing, Minister Nnaji praised President Bola Ahmed Tinubu for his support and visionary leadership.<\/div>\n<div><\/div>\n<div>\u201cI want to thank President Bola Ahmed Tinubu for his support and vision. He is one of a kind, and I\u2019m proud to be part of this transformative journey,\u201d he said.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Daniel Adaji The Federal Government has announced its target of generating over $20bn annually from Nigeria\u2019s rapidly evolving space economy, leveraging a newly launched space security platform and comprehensive regulatory&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":117170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-117169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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