The federal government has unveiled an initiative aimed at generating $50 billion annually through the use of space technology.
The initiative, known as the Presidential Initiative on Revenue Optimization and Digitalization via Space Technology, will se the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) and the National Space Research and Development Agency (NARSDA) collaborating to ramp up revenue for the nation using space technology.
Speaking at the launch of the initiative in Abuja on Thursday, the Chairman of RMAFC, Dr. Mohammed Bello Shehu, said that the Renewed Hope Agenda of the current administration could only be realized through the implementation of efficient and innovative revenue generation strategies.
He stressed the need for stakeholders to embrace modern technology to unlock new streams of revenue that would support national economic growth and development.
“The traditional sources and methods of revenue generation are no longer in vogue and, more importantly, are not sufficient to meet the evolving needs of our great nation,” Shehu stated. “Key stakeholders must think innovatively and collaboratively to unlock new opportunities for economic growth, all in the interest of our beloved country.”
Shehu further stated the role of NARSDA in conceptualizing the initiative, pointing out that other nations have significantly boosted their revenue through space technology.
He called on relevant stakeholders to collaborate with RMAFC and NARSDA to harness the potential of space-based solutions for economic progress.
In his address, the Director General of NARSDA, Dr. Mathew Olumide Adepoju, stated that the agency had already begun leveraging advanced technologies such as artificial intelligence and robotics to drive the initiative.
He revealed that a proposal had been submitted to President Bola Ahmed Tinubu to integrate space science, innovation, and technology into Nigeria’s economic strategy to curb revenue leakages and create new revenue streams.
“Our initial analysis has shown that we can help the country generate up to $50 billion annually,” Adepoju said. “We are determined to achieve this together with the RMAFC Chairman, who has fully embraced this initiative. However, we cannot do it alone, which is why this stakeholder engagement with all revenue-generating agencies is imperative.”
Adepoju also addressed concerns about Nigeria’s status in global security and surveillance, stating that the country must not be described as a “blind spot” in the Gulf of Guinea.
He argued that incorporating space technology into national operations would not only enhance revenue generation but also strengthen security efforts.
“Our analytics show that many internal conflicts are linked to solid minerals and other natural resources. By mainstreaming space science and technology into our activities, we can track these resources more effectively, curb illegal activities, and improve national security,” he explained.
The NARSDA boss stated that Nigeria’s infrastructure development goals could only be achieved if all available resources were efficiently managed and equitably distributed.
He called for full cooperation from all relevant Ministries, Departments, and Agencies (MDAs) to ensure the success of the Presidential Initiative on Revenue Optimization and Digitalization via Space Technology.