The second edition of the Africa Space Economy Conference and Exhibition opened yesterday in Abuja, providing a platform for scientists, business leaders, and policymakers to explore the rapidly growing space economy on the African continent.

With the theme, ‘Space Economy and Emerging Markets in Africa’, the three-day conference and exhibition was jointly organised by the Abuja Chamber of Commerce and Industry (ACCI) and the National Space Research and Development Agency (NASRDA).

They frowned that while Europe, North America and Asia have advanced rapidly in the field of space economy, Africa was still in its early stages, grappling with numerous challenges, including limited awareness, infrastructural gaps and lack of a robust policy framework.

“It was to address these challenges that the conference and Exhibition were conceptualised by ACCI and NASRDA,” the organisers said.

Speaking on the imperative of space economy to national development, the Chairman, Organising Committee, Osi Imomoh, said the ability to monitor climate change, take measures towards food security and ensure national security, should permeate every aspect of national and continental development.

“In the area of food security, satellite data is increasingly used to monitor crop development and potential threats to harvests such as drought or insect invasions.

“Satellites also keep an eye on Africa’s resource-abundant territories while tackling such issues as armed conflict, deforestation and illegal migration and mining.”

According to Imomoh, an unprecedented level of private investment in space ventures, which are linked to a higher attractiveness, expected profitability, and a growing Venture Capital (VC), makes the space economy a potential goldmine for employment opportunities.

The chairman also identified improved communication technology as part of the benefits derived from effective space infrastructure.

He recalled challenges with digital communication in the past, stressing that time and energy were spent in the process.

“Before the advent of space technology in Nigeria, I had to travel from Agenebode to Auchi in Edo State to make a telephone call to someone in the UK. You will still meet a long wait, and there is no guarantee that the call will be successful when it gets to your turn.

“So, the space economy significantly contributes to national development by driving innovation, creating jobs and providing essential services that enhance various sectors.

With over 350 participants from across the world participating in the maiden edition, the organisers said a standout achievement was the exclusive access to Nigeria’s next satellites granted to two participants. This, they said, demonstrated the real economic benefits of engaging in Africa’s space economy.