The
Federal Government of Nigeria has unveiled an ambitious initiative aimed at
generating $50 billion annually through space technology. The initiative, known
as the Presidential Initiative on
Revenue Optimization and Digitalization via Space Technology,
brings together the Revenue
Mobilization Allocation and Fiscal Commission (RMAFC) and the National Space Research and Development Agency
(NASRDA) in a bid to enhance revenue generation using
satellite and space-based solutions. However, the announcement has sparked
skepticism among space industry experts, raising concerns about the feasibility
of such projections.
Speaking
at the launch in Abuja, RMAFC Chairman
Dr. Mohammed Bello Shehu emphasized that Nigeria’s Renewed Hope Agenda requires
innovative revenue strategies beyond traditional sources. He stressed the need
for government agencies to adopt advanced technology to unlock new economic
opportunities. “The traditional sources and methods of revenue generation
are no longer in vogue and, more importantly, are not sufficient to meet the
evolving needs of our great nation,” he said. “Key stakeholders must
think innovatively and collaboratively to unlock new opportunities for economic
growth, all in the interest of our beloved country.”
NASRDA’s
Director General, Dr. Mathew Adepoju,
reinforced the agency’s confidence in the initiative, asserting that other
nations have successfully integrated space technology into economic planning. “Our
initial analysis has shown that we can help the country generate up to $50
billion annually,” Adepoju stated. He pointed out that space technology
could play a key role in monitoring and securing Nigeria’s natural resources,
reducing revenue leakages, and strengthening national security.
The
announcement, however, has been met with skepticism from industry experts,
particularly regarding the financial projections. Temidayo Oniosun, Managing Director at Space in
Africa, questioned the basis of the $50 billion estimate,
pointing out that Nigeria’s entire national budget is barely $30 billion and
that Africa’s entire space and satellite industry generates around $20 billion
annually. “Who came up with this number, and how did they arrive at $50
billion? Where is this money going to come from? NASRDA selling products and
services to government MDAs? Or NASRDA exporting space products and services it
doesn't have?” Oniosun asked, casting doubt on the revenue forecast.
His
concerns reflect a broader skepticism about Nigeria’s ability to generate
significant revenue from space technology when its space program has yet to
achieve major commercial success. Analysts argue that while satellites and
space-based infrastructure can contribute to economic growth—through
applications in agriculture, security, telecommunications, and resource
management—projecting tens of billions of dollars in revenue may be overly
optimistic.
Another
space affairs analyst, Olayode
Abdurasaq, highlighted the importance of the initiative in
digitalizing Nigeria’s economy but noted that achieving such revenue targets
would require extensive investments in infrastructure, skilled personnel, and
regulatory frameworks.
The
initiative also includes plans to integrate space science, innovation, and
technology into Nigeria’s economic strategy to curb revenue leakages and
improve surveillance. NASRDA has emphasized that space-based monitoring can
help track the country’s solid minerals and other natural resources, curb
illegal mining activities, and enhance security efforts, particularly in the Gulf of Guinea, where Nigeria has
been described as a “blind spot” in maritime surveillance.
By:
Nana Appiah Acquaye
