Nigeria’s burgeoning space economy holds the potential to generate at least $1 billion annually for the country’s Gross Domestic Product (GDP) by the end of the decade, according to the Abuja Chamber of Commerce and Industry (ACCI).
Speaking at the Africa Space Economy Conference and Exhibition (ASEC) 2025 held in Abuja, the President of ACCI, Chief Emeka Obegolu, emphasized that the global space economy, now valued at over $546 billion, is evolving into a critical pillar of economic development worldwide — and Nigeria must not be left behind.
“With targeted investment and the right policy frameworks, Nigeria’s space economy has the potential to contribute at least $1 billion annually to our national GDP by the late 2020s, with the private sector accounting for $700 to $800 million of that contribution,” Obegolu stated.
He explained that the space economy is no longer a futuristic fantasy or merely a national prestige project but a rapidly growing industry driving innovation, job creation, and business transformation in key sectors such as agriculture, telecommunications, logistics, and energy.
Obegolu projected that by 2035, Nigeria could unlock between $15 billion and $25 billion in annual value across various industries if it leverages space technologies through public-private partnerships, foreign direct investments, and a regulatory environment that fosters innovation.
“Startups, SMEs, and big tech players alike can tap into satellite-driven data services, remote sensing, and AI-powered analytics to improve efficiency, forecasting, and connectivity. This is a goldmine waiting to be explored,” he added.
He urged entrepreneurs, investors, and regulators to view the Africa Space Economy Conference not just as a dialogue forum but as an investment launchpad. “This is where Africa’s space future begins—where our enterprises align with global momentum,” he said.
Director-General of the National Space Research and Development Agency (NASRDA), Dr. Mathew Adepoju, stressed the need for the continent to move from being a passive consumer of foreign space technologies to an active producer and innovator.
“We must deliberately position Africa as a contributor and leader in the global space economy. It is time we develop our own capabilities in satellite production, space missions, and commercial applications,” he said.
Also speaking at the event, Nigeria’s Minister of Innovation, Science and Technology, Chief Uche Nnaji, called for enhanced collaboration and integration among African nations.
“Africa must invest in talent, foster innovation and adopt bold policies. By embracing space technologies, we can enhance weather forecasting, improve healthcare delivery, streamline resource management, and close digital gaps,” the minister asserted.
Nnaji noted that the continent’s sovereignty and economic self-reliance depend on its ability to develop indigenous space infrastructure. He called for deeper engagement from government leaders, the private sector, researchers, and international development agencies.
In 2023, private sector investment accounted for 77% of the $546 billion global space economy, according to market research. This underscores the importance of enabling private innovation in Nigeria’s space sector to attract both local and international investors.
The recent approval of Nigeria’s Space Policy and National Space Council under President Bola Tinubu’s administration has reignited investor confidence, paving the way for local startups like NIGCOMSAT, SpaceApps Africa, and OrbitX to scale operations.
The African Union’s African Space Strategy, coupled with Nigeria’s recent ratification of international space treaties, provides a policy anchor for both scientific exploration and commercial exploitation of orbital assets.
Nigeria’s space economy is no longer a fringe concept. With the right political will, regulatory reforms, and private-sector engagement, the industry can emerge as a major contributor to national GDP, technological advancement, and job creation. Stakeholders agree that the time for Nigeria to act is now — or risk falling behind in one of the most transformative global industries of the 21st century.