The Director General of the National Space Research and Development Agency (NASRDA), Dr. Mathew Adepoju, has called on private players to tap into the “space economy” as it is the fastest growing economic sector globally, which is projected to hit $1trillon annually by 2030.

Adepoju also said that currently, the sector generates $500 billion yearly, calling on captains of industry in the country, Africa and all over the world “to come and invest, and make good money in the sector.”

Speaking at a joint news conference with the Abuja Chamber of Commerce and Industry, as part of activities to announce the 2nd edition of the Africa Space Economy Conference and Exhibition (ASEC), on Friday, Adepoju said Africa “must not play a back side role in the 4th industrial revolution.”

The second edition of the ASEC is being organised by NASRDA and ACCI, and slated to hold from June 17 to June 19, 2025, in Abuja.

He said: “This is the fourth industrial revolution and Africa must not play a back side role. It is high time for us to take our rightful position on the seat of Global Innovation, Science and Technology in which space technology is the peak of human endeavor and the cutting edge of innovations.

“The space economy is the fastest growing economic sector in the whole world. It is projected to hit one trillion dollars per annum by the year 2030. And currently, it’s more than $500 billion annually.”

Adepoju described the Space Economy Conference and Exhibition as a platform where industry meets the academic and academic meets research institution like NASRDA and many others, adding that the platform would be used to support the growth of the Nigerian space ecosystem, African space ecosystem and the global space ecosystem.

“We have invited quite a lot of our partners and this second edition of African Space Economy Conference and Exhibition is definitely going to be a tremendous improvement on the first edition,” he said.

The first edition was held in 2023.

He commended President Bola Ahmed Tinubu for “his fortuitous and visionary leadership for the economic reform” that he brought to the country, saying that the economic reform requires all sectors to put on their thinking caps.

“I shall not complete this by remark without mentioning some of the great initiative that Mr. President has graciously approved for the agency, which we know in no distant time is going to lead into a lot of financial benefit for our dear nation.

“One of them is the approval of four new satellites for National Space Research and Development Agency with three optics satellites and one synthetic partial radar satellite, which is mainly for our economy.

“We shall deploy, as been directed by Mr. President, cutting-edge technology to govern this nation for the benefit of citizens of this country,” he said.

Also speaking, ACCI President, Chief Emeka Obegolu, noted that for many years the space has been perceived primarily as a domain of scientific research and geographical competition.

However, he said, that there is a fundamental shift where space is rapidly becoming a powerful driver of economic opportunity.

Obegolu said the 2nd edition of ASEC would look into how space-based technology can drive economic diversification, strengthen critical infrastructure, and support sustainable development across continent.

“Across the continent, momentum is building, from South Africa’s advanced satellite programmes to Kenya’s thriving geospatial industry, and indeed here in Nigeria where NASRDA continues to lead with cutting-edge research and innovation.

“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.