Victor Ezeja
AdminPresident Bola Tinubu has enjoined African leaders to leverage Industry 4.0 and disruptive technology in the Space sector to move the continent toward the direction of a more prosperous and promising economy.
He described space technology as the bedrock of modern economic development with 60 per cent of the world’s top 10 billionaires being active players and beneficiaries of the spinoffs from space science, technology and innovations.
Tinubu stated this in Abuja on Monday while declaring open, the maiden edition of the Africa Space Economic Conference and Exhibition organized by the Abuja Chamber of Commerce and Industry in collaboration with the National Space Research and Development Agency (NASRDA).
Speaking through the Minister of Innovation, Science and Technology, Uche Nnaji, the President called on the continent to explore potentials hidden in the space sector in order to catch up with the rest of the world.
This was as he asserted that space technology can create innovative approaches that will help Africa exploit existing business opportunities and navigate its current challenges. Tinubu charged African leaders to direct their efforts toward discovering solutions that correspond with the continent’s particular needs and issues.
According to him: “The only vehicle for Africa to catch up with the rest of the world is to explore the immense potentials hidden in the space sector.
“To unleash creativity and sustainable development. Space economy as an emerging sub-sector of global space ecosystems denotes the economic benefits of a dynamic sector and the role it can play in human society and socio-economic development.
“Africa is in a strategic position to serve the continent and the world with our original space assets to create jobs, reduce capital flight, and improve technological innovations for the usual and ever-growing population.”
He urged all participants to approach the conference and exhibition with an unambiguous belief of purpose and unwavering commitment to harnessing African abilities, ingenuity, and knowledge for the benefit of Nigeria and the continent.
Tinubu noted that this year’s edition of the conference will create an opening for an expanded African involvement and partnership in global service economy opportunities and social development.
He disclosed that programmes such as geo-dynamics, atmospheric research, and remote sensing programmes were meant to provide an accessible platform for the optimal exploitation of space-based technologies.
This, he added, can then be applied to areas like security, communication, health, finance and investment, natural resources inventory, disaster management, agricultural and emergency response among others.
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While welcoming guests to the conference, the President, Abuja Chamber of Commerce and Industry, Elder Osi Imomoh, stated that in recent years, the world has witnessed tremendous growth in the space economy.
He disclosed that as of last year, the global value of the space economy stood at $524 billion and it is projected to climb up to 41 per cent over the next five years.
Prime Business Africa reports that the exhibition will offer participants and exhibitors alike a vital opportunity to display space technology spin-offs, discuss innovative ideas, and create collaborations that will promote technology and advance Africa towards a more affluent and economically viable continent.
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