How Nigeria can generate $45bn yearly from space technology –Expert
From Isaac Anumihe, Abuja
Managing Director of Milky-Way Visuals, Dr. Leke Oyewale has said that maritime, aviation and weather forecasting sectors can generated over $45 billion per annum.
Other areas of national interest, according to the Milk-Way Visuals Limited are the solid minerals and agricultural sectors, which could generate about N4.5 billion annually from mining operations in Nigeria and an annual income from digital agriculture of N500 billion.
Oyewale stated these when the delegation from the National Space Research and Development Agency, (NASRDA) led by Dr. Abayomi Taofik Alaga visited the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) to enlighten the board members and management staff on how to explore new revenue lines for the federation.
In his presentation on the potential revenue streams that can be generated from space technology through the deployment of geospatial support, Oyewale explained various initiatives such as satellite development, space-based services, and commercialisation of space research that can generate revenue into the federation account.
He enunciated other revenue lines like bunker levies midstream operations, ocean meteorological services, satellite monitoring of pollution and recovery of spilled oil, cargo clearance platforms within the ports, automation of revenue lines, and the value addition to telecommunication companies.
He added that the aforementioned revenue lines covered the maritime, aviation, imagery, radio frequency analytics, and weather forecasting sectors.
“They are potentially capable of generating over $45 billion per annum in the first two years, which could subsequently increase to $50 billion per annum if adequately harnessed” he said .
In his remarks, the chairman of RMAFC, Muhammed Bello Shehu, reaffirmed the commitment of his organisation to exploring new areas of revenue generation into the Federation Account to support the developmental efforts of Tinubu-led administration.
Represented by Engineer Muhammed Sanni Baba, the member representing Bauchi State in the commission, the chairman disclosed that National Space Research and Development Agency, (NASRDA) was invited by the commission to make a presentation on how to optimise possible areas of income generation into the Federation Account. This, he said, was in line with the core mandates of the commission; to identify, mobilise, monitor, and recommend alternative sources of revenue into the Federation Account for sharing amongst the beneficiaries.
“We welcome the delegation from NASRDA as they lead us to understand the details of the modus operandi of their organisation and enlighten us on how we can better achieve our mandate as the agency responsible for generating revenues for the three tiers of government in Nigeria”he noted
The chairman also disclosed the decision of the commission to extend the collaboration between NASRDA and Nigerian Communication Satellite (NIGCOMSAT) to leverage optimised satellite operations in order to enhance monitoring and evaluation of accruals into the Federation Account.
In a statement, the member, representing the Federal Capital Territory (FCT) in the commission, Ambassador Ayuba Ngbako, who gave the vote of thanks, appreciated the participants and commended the National Space Research and Development Agency and Milk-Way Visuals Limited for the enlightenment on new revenue lines into the Federation Account through the use of space technology. He reiterated the commission’s commitment to incorporating the instrumentality of satellite technology and encouraged members of the board and staff of the commission to apply the knowledge gained from the presentation in their operations to boost the Nigerian economy.
