The President of the Abuja Chamber of Commerce and Industry, Chief Emeka Obegolu, SAN, has said that Nigeria and other African countries are ready to unlock economic potential in space at the Africa Space Economy Conference and Exhibition.

He urged the Federal Government and the governments of other African nations to work towards maximising the economic opportunities provided by space. Obegolu disclosed this while speaking about the second edition of the Africa Space Economy Conference and Exhibition.

Obegolu, who was represented by the Director-General of ACCI, Agabaidu Jideani, noted that for many years, space has been perceived primarily as a domain of scientific research and geopolitical competition but explained that there is currently a shift where space is rapidly becoming a powerful driver of economic opportunity, hence Africa is set to key in.

He stated that while Europe, North America, and Asia have made remarkable progress in tapping into the space economy, Africa stands on the threshold of unlocking its immense potential despite its numerous challenges.

“Although we face challenges, such as limited awareness, infrastructure deficits, and evolving policy frameworks, these hurdles present fertile ground for innovation, collaboration, and investment. It was with this foresight that ACCI, through our Policy Advocacy Centre, in partnership with NARSDA, conceptualized the Africa Space Economy Conference and Exhibition.

“Our goal is clear: to create a dynamic and inclusive platform where government, industry, academics, and investors can come together to shape the future of Africa’s space economy,” he said.

The DG said the inaugural edition of the ASEC in 2023 was a resounding success, attracting over 350 participants and facilitating meaningful partnerships and business deals.

According to him, the second edition, which is expected to be held in Abuja between June 17 and June 19, will build on that strong foundation.

He said the conference would delve into how space-based technologies could drive economic diversification, strengthen critical infrastructure, and support sustainable development across the continent.

“For business leaders, entrepreneurs, and innovators, ASEC will offer a collaborative environment for scientists, technologists, and private sector actors to explore practical applications of space-based services across diverse industries.

“It is a platform for innovation and investment, where start-ups can showcase their creativity and engage with potential partners, and where investors can identify high-impact, high-return opportunities within this rapidly growing sector.

“With our rich human capital, strategic location, and expanding innovation ecosystem, Nigeria is uniquely positioned to become a regional hub for space-driven economic activities,” he said.

The DG said the ASEC would foster robust public-private partnerships and advocate for enabling policies to de-risk and accelerate growth in Africa’s space sector.

The Director-General of the National Space Research and Development Agency, Dr Matthew Adepoju, said the space sector presents immense opportunities for African businesses to innovate, invest, and generate significant returns.

“This is the fourth industrial revolution, and Africa must not be left behind. It is time for us to take our rightful place at the forefront of global innovation, science and technology, with space technology being the pinnacle of human endeavour,” he said.