Space-based technology can aid in mapping some of the critical solid minerals that abound in Nigeria, estimated to be worth $700 billion.
Selina Hayes, Chief Executive Officer of Hayes Group International, an influential leader and investor in Africa and frontier markets, with a specialised focus on mining, critical minerals, and emerging technologies, disclosed this on Wednesday at the ongoing 2nd edition of Africa Space Economy Confab and Exhibition (ASEC).
The theme of the conference was “Space Economy and Emerging Markets in Africa.”
“Approximately, I think the value of your (Nigeria) mining industry is at $700 billion. And a lot of the reason that it hasn’t been realised yet is because there has been a lack of exploration. And this is where I believe space-based data can play a role,” Hayes said.
She said that the whole country can be mapped using space-based technology “to see a lot more,” stating that Nigeria’s space agency, the National Space Research and Development Agency (NASRDA), can play a role in expanding the country’s wealth and realising some of its mining assets.
“As I said, Nigeria has an approximate wealth of $700 billion. DRC has an approximate wealth of $27 trillion (3:36) of rare earths and critical minerals. So this is a significant market, and the United States relies heavily on what’s found here in the Red Earth of Africa,” Hayes added.
Hayes, who spoke on space technology in mining and community development, said that visibility and transparency into rare earths and critical minerals remained one of the challenges in the continent, but could be solved with space-based technology.
“Also, we’ve found that space-based data can help with environmental challenges that come with mining. A lot of the time, there’s a lot of deforestation that is associated with mining.
Therefore, space-based data can also aid in identifying and preventing some of that deforestation.
“All of this leads to revenue. And so what we’ve found is that when you can identify and manage some of these challenges within the mining sector, using space-based data, you’re able to increase your revenues within the mining sector,” she stated.
According to her, Nigeria is known for its mineral sands, and within these mineral sands, there are rare earths, which require new technologies to identify.
In a panel discussion on “Diversifying Africa Economy Through Space Technology,” Mr. Charles Mwangi of Kenya’s Space Agency urged governments within the continent to demonstrate political will to support and encourage space technology.
Mwangi noted that Africa remains a consumer of finished products of minerals mined from their soil, lamenting that Nigeria, which is blessed with huge crude oil reserves, has only one private refinery.
Dr. Mathew Adepoju, the Director General of NASRDA, stated that he was making concerted efforts to integrate the private sector into the space economy, adding, “We are moving in the right direction.”
He said that without the space technology, many businesses, including Uber services and online markets, wouldn’t have been possible, as there is now movement from the terrestrial to space.
Dr. Umaru Bindir, a former Secretary to the Government of Adamawa State, called for a concerted effort from the government, industrialists, and academics to develop the nation’s space technology for the benefit of Nigerians.
