How Nigeria can make quick ROI from space technology

The Director, Centre for Satellite Technology Development, Dr Spencer Onuh, has stated that Nigeria requires more communication satellites for it to make quick returns on its investments in space technology which usually takes up to 15 years. He said this in an interview with newsmen in Abuja on Friday.
He explained that a satellite is an artificial body placed in orbit round the earth or another planet in order to collect information and enables easy access for communication. “The satellite has the capacity to generate income on a short term basis but not all the satellites. “It takes three to five years to develop earth observation satellites, but to get quick returns of money from satellites, we need more communication satellites. “All you need to do is your initial investment, the return on investment is very quick and it takes a shorter period to develop. “You can still be reaping the income in 15 years time; we need more communication satellites for the interest of the country,”Onuh said.

The director also said that space technology in the country required entrepreneurs to promote products in the industry. He added that space programmes had the enormous potential to create employment. “Space is not just about satellites, satellites are the pay load that delivers space products. “With the kind of economy we operate, we need to develop space entrepreneurship which is lacking till date.

“In design and manufacturing, I need customers and manufacturers that can boost my own production where I’m lacking the facilities. “When there are space entrepreneurs, they will market space products.

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