ACCI, NASRDA Hold Conference On Opportunities In Space Economy

Abuja Chambers of Commerce and Industry (ACCI) and the Nigerian National Space Research and Development Agency (NASRDA) have concluded plans to hold the Africa Space Economy conference with the theme, “Exploring Space Economy for Africa Economy Growth.” The conference is scheduled for 16th to 20th November 2023.

Chairman of the local organising committee of the conference, Osi Imomoh said it will give practical tips and examples on how state Inland Revenue agencies can increase their internally generated revenues and enable their states to be self-sufficient, financially. “It will show how we as a nation can remotely secure and protect Oil and Gas pipelines remotely and anywhere in the country without any hassles or threats to life,” Mr Imomoh said yesterday.

The conference is designed to explore the benefits embedded in the space economy as an emerging sub-sector of the global space ecosystem and capture the economic benefits of the space sector economy and the role space can play in the socio-economic development of human society.

Space economy is defined by the Organisation for Economic Co-operation and Development (OECD) as the full range of activities and the use of resources that create value and benefits for human beings in the course of exploring, researching, understanding, managing, and utilising space.

Dr Halidu Inrahim who spoke on behalf of NASRDA said his organisation will sustain the relationship with ACCI to make sure the outputs are what everyone would be proud of.

ACCI believes that investment exposure at this early stage is best gained via listed companies in the aerospace, satellite, communication, defence, and security industries, and space travel services segments. It said existing private companies as well as new space startups may offer opportunities in private markets.

Reports say the global space economy grew 8 percent to $546 billion in 2022 and is projected to climb another 41 percent over the next five years. “There is a need to take advantage of this huge benefit,” Imomoh said.

Director general of ACCI, Victoria Akai said the theme of the conference, “Leveraging Space for Sustainable Economic Transformation,” underscores the commitment of the chambers to using space technology for the betterment of our society. “We are confident that this conference will lead to partnerships and collaborations that will propel Nigeria to new heights in the space economy.

“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.

The conference is designed to have a sectoral approach that will address the real developmental issues in Nigeria and Africa in a way that will positively impact governance and everyone’s life. The areas of focus are space technology and communication, space technology and internally generated revenues, space technology and internal Security, space technology and food security, space technology and the health sector, and space technology and the growth of the tech innovation ecosystem especially in the fourth industrial revolution.