The Federal Government has launched an initiative leveraging space technology to generate an estimated $50 billion annually.

Dubbed the “Presidential Initiative on Revenue Optimization and Digitalization via Space Technology,” the initiative was unveiled in Abuja on Thursday, with RMAFC Chairman, Dr. Mohammed Bello Shehu, emphasizing the critical need for innovative revenue generation methods to support the government’s “Renewed Hope Agenda.”

He acknowledged that traditional revenue streams are no longer sufficient to meet the nation’s evolving needs, stressing the importance of exploring new opportunities for economic growth and development.

“The Renewed Hope Agenda of this administration can only be realised through the implementation of efficient and effective revenue generation methods, with the creation of new revenue streams through modern technology being a crucial requirement,” Dr. Shehu stated.

He lamented the inadequacy of traditional revenue sources and called for collaborative and innovative thinking to unlock new economic potentials.

NARSDA Director General, Dr. Mathew Olumide Adepoju, explained that the agency, embracing the principles of Industry 4.0, recognizes the growing importance of space science, innovation, and technology in the age of artificial intelligence and robotics.

He revealed that a proposal was submitted to President Bola Ahmed Tinubu to mainstream space technology to address revenue leakages and create new revenue lines.

“Our initial analysis has given us results that we can help the country generate up to $50 billion annually,” Dr. Adepoju announced.