The federal government has said the global space economy had been projected to reach $1.8 trillion by 2035, driven by advances in satellite technology with Nigeria positioned to get a huge share. 

The Minister of Innovation, Science and Technology, Chief Uche Geoffrey Nnaji who disclosed this in Abuja on Monday said development of space technology was crucial to national growth.

Nnaji stressed that space technology offers transformative solutions to global challenges, ranging from monitoring climate change and managing natural resources to enhancing disaster responses capabilities, worldwide.

 

 The minister stated this at the 25th Anniversary of the National Space Research and Development Agency (NASRDA), in Abuja.

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 According to Nnaji, “The sector alone is expected to generate over 60% of the new economic value from space enabled technology in the country”, adding that the World Economic Forum 2024 projects the global space economy to reach a staggering 1.8 trillion dollars by 2035, driven by advances in satellite technology.