Nigeria is exploring space technology to host the first-ever African space economy conference. The conference aims to harness the economic potential of the space sector and transform various sectors of Nigeria’s economy. The conference is organized by the Abuja Chamber of Commerce and Industry in collaboration with the Nigerian National Space Research and Development Agency. It seeks to explore economic benefits in the space sector and its role in socio-economic development.

Osi Imomoh highlighted that the global space economy witnessed an 8% growth to $546 billion in 2022. It is projected to increase by 41% over the next 5 years. Nigeria aims to generate over $25 million from its space economy, contributing to its economic growth.

Impact on Various Sectors
Space technology can benefit sectors such as healthcare, agriculture, education, weather forecasting, orbit planning, and human resources.
The space economy has the potential to create employment opportunities and drive national development.
Space technology can aid in crime prevention, as demonstrated in the US where criminals were pursued using unique body heat patterns. Utilizing such technology can enhance law enforcement in Nigeria.
The director-general of the Abuja Chamber of Commerce and Industry Victoria Akai emphasized the initiative’s role in complementing government efforts across different sectors. The space economy offers opportunities for entrepreneurs to leverage its benefits.

Monetizing Space Technology
The space economy has created billionaires worldwide. You don’t have to be outside Nigeria to profit from space technology, as access is available from anywhere. It supports various sectors, including health and energy.

Untapped Economic Potential
Satellite technology can help in identifying properties for property tax collection, potentially generating billions in revenue.
Space technology can also be used for more cost-effective census processes. It plays a crucial role in national security.

In conclusion, the inaugural African Space Economy Conference in Nigeria holds significant promise for the country’s economic growth and development. It presents opportunities for various sectors and individuals to tap into the space economy’s benefits. Space technology can revolutionize economic and societal aspects, making it a crucial focus for Nigeria and Africa.