Chief Uche Nnaji, minister of innovation, science, and technology.

Nigeria has revealed ambitions to raise more than $200 billion per year by regulating and licensing space operations.

Chief Uche Nnaji, minister of innovation, science, and technology, made the announcement during a workshop on space regulation, spectrum management, and licensing in Abuja yesterday.

The initiative is viewed as an important step towards creating a competitive space sector in Nigeria.

Nnaji noted that the new legislation will benefit the space industry and considerably boost the country's economic growth.

He noted that companies such as Starlink, which presently pay minimal rates for space services, will soon be properly regulated. He predicted that with this strategy, Nigeria's annual revenue would exceed $200 billion, increasing by 18 to 20 percent each year.

“Our task is to ensure a clear, regulated ecosystem where both public and private players can thrive and a space sector that drives innovation, attracts investments, and delivers real impact for our people,” he said

He also stated that the government, through the National Space Council, is working to expand the National Space Policy to cover key aspects of modern space activities.

Dr. Matthew Adepoju, director-general of the National Space Research and Development Agency, pointed out that the workshop aimed at implementing current legislation, ensuring compliance with both national and international space laws.

He emphasised how a structured licensing framework might significantly increase revenue from satellite launches and data services.

A senior counsel, Olisa Agbakoba, noted the importance of Nigeria establishing a robust regulatory framework in order to secure a piece of the $1 trillion global space economy expected by 2030.