President Bola Ahmed Tinubu has urged African leaders to use industry 4.0 and disruptive technology to create innovative approaches that will help the continent exploit existing business opportunities, navigate its current challenges and move the continent in the direction of a more prosperous and promising economic prosperity.

Tinubu gave the advice on Monday in Abuja while declaring open, the maiden edition of Africa Space Economic Conference and Exhibition organized by Abuja Chamber of Commerce and Industry in collaboration with National Space Research and Development Agency (NASRDA).

He urged all participants to approach the conference and exhibition with an unambiguous belief of purpose and unwavering commitment to harnessing African abilities, ingenuity and knowledge for the benefit of Nigeria and the continent.

Represented by the Minister of Innovation, Science and Technology, Uche Nnaji, Tinubu urged the continent to explore potentials hidden in the space sector in order for it to catch up with the rest of the world.

He described space technology as the bedrock of modern economic development with 60 percent of the world’s top ten billionaires being active players and beneficiaries of the spill off from space science, technology and innovations.

Noting that this year’s edition of the conference will create an opening for an expanded African involvement and partnership in global service economy opportunities and social development, Tinubu urged African leaders to direct their efforts towards discovering solutions that correspond to the continent’s particular needs and issues.

“The only vehicle for Africa to catch up with the rest of the world is to explore the immense potentials hidden in the space sector. To unleash creativity and sustainable development. Space economy as an emerging sub-sector of global space ecosystems denotes the economic benefits of a dynamic sector and the role it can play in human society and socio-economic development.

“Africa is in a strategic position to serve the continent and the world with our original space assets to create jobs, reduce capital flight, and improve technological innovations for the usual and ever growing population,” he said.

He disclosed that various programmes such as the geo-dynamics, atmospheric research and remote sensing programmes were all created to provide an accessible platform for the optimal exploitation of space based technologies for several application areas like security, communication, health, finance and investment, natural resources inventory, disaster management, agricultural and emergency response among others.

According to the President, the conference will also provide a platform for scientists and entrepreneurs in the sector to explore great potentials of the economy through practical applications to the challenges facing Africa as a panacea to economic benefits, adding that the gathering will also offer insights into investment and business opportunities within and outside the continent.

The exhibition will offer participants and exhibitors alike a vital opportunity to display space technology spin offs, discuss innovative ideas and create collaborations that will promote technology and advance Africa towards a more affluent and economically viable continent.

Welcoming guests to the conference, the President, Abuja Chamber of Commerce and Industry, Elder Osi Imomoh, stated that in recent years, the world has witnessed a tremendous growth in space economy.

He added that last year, the global value of space economy stood at $524 billion and it is projected to climb up to 41 percent in the next five years.