.jpeg "Using industry 4.0 and disruptive technology, Tinubu exhorts African executives to take advantage of current economic prospects.")
On Monday in Abuja, Tinubu provided counsel during the inaugural Africa Space Economic Conference and Exhibition. The event was organized by the Abuja Chamber of Commerce and Industry in collaboration with the National Space Research and Development Agency (NASRDA).
The speaker emphasized the need of attendees approaching the conference and exhibition with a clear and definite sense of purpose, as well as a steadfast dedication to use African abilities, resourcefulness, and expertise for the betterment of Nigeria and the wider continent.
Uche Nnaji, representing the Minister of Innovation, Science and Technology, emphasized the importance of the African continent harnessing the untapped potential within the space sector in order to bridge the gap with other global regions.
The author characterizes space technology as a fundamental pillar of contemporary economic advancement, noting that 60 percent of the world's wealthiest individuals are actively involved in and reap benefits from the advancements and applications derived from space research, technology, and innovations.
Acknowledging the forthcoming conference as an opportunity for increased African engagement and collaboration in global service economy prospects and social advancement, Tinubu implored African leaders to focus their endeavors on identifying solutions that align with the unique needs and challenges of the continent.
In order for Africa to bridge the gap with the global community, it is imperative to tap into the vast opportunities presented by the space sector. In order to foster the expression of innovative ideas and promote long-term growth and progress. The concept of space economy is a developing sub-sector within the broader global space ecosystems. It encompasses the economic advantages derived from a vibrant industry and its potential impact on human society and socio-economic progress.
According to the speaker, Africa possesses a geographically advantageous position that enables it to effectively utilize its unique space resources in order to generate employment opportunities, mitigate the outflow of cash, and enhance technical advancements for its continuously expanding population.
The individual revealed that a range of initiatives, including the geo-dynamics, atmospheric research, and remote sensing programs, were established with the aim of offering a viable framework for the effective utilization of space-based technologies in various domains such as security, communication, health, finance and investment, natural resources inventory, disaster management, agricultural practices, and emergency response, among other areas.
As per the statements made by the President, the conference will serve as a forum for scientists and entrepreneurs in the field to examine the significant economic opportunities in Africa by implementing practical solutions to its challenges. Additionally, the event will provide valuable perspectives on investment and business prospects both within and beyond the continent.
The exhibition will provide attendees and exhibitors with a significant chance to showcase spin-offs of space technology, engage in discussions on novel concepts, and foster collaborations that will contribute to the technological advancement and economic prosperity of Africa.
In his address at the conference, Elder Osi Imomoh, the President of the Abuja Chamber of Commerce and Industry, highlighted the notable expansion of the global space industry in recent times.
According to his statement, the worldwide value of the space economy reached $524 billion last year, and it is anticipated to have a 41 percent increase over the next five years.