Agency Report
Dr. Halilu Shaba, Director General of the National Space Research and Development Agency (NASRDA), shed light on Nigeria’s missed opportunity to launch a satellite during the previous administration, attributing it to financial constraints.
Shaba revealed that Nigeria’s ambitious satellite plans faced stiff competition from pressing national issues, all vying for limited resources.
The primary objective at the time, he explained, was to construct a Communication Satellite, which promised significant returns on investment. However, due to a shortage of funds, NASRDA opted for a commercial approach, seeking to borrow the necessary capital.
Shaba stated, “Our focus now is on building a Nigerian communication satellite, a vital asset in today’s economy. We’ve been evaluating various satellite options as our Earth Observation satellite was nearing the end of its operational life.”
“We attempted to secure financing through Sukuk during the previous administration, but we narrowly missed approval because the government had concerns about our repayment plans. We were proposing a loan that would be repaid,” he added.
Shaba also highlighted the importance of establishing a clear understanding between the lender and borrower within a specific timeframe, which was a challenge they faced during the earlier attempt.
“Now, we are preparing for another attempt,” the Director General affirmed.
He emphasized the substantial funding required for satellite projects, while acknowledging the government’s limitations in addressing multiple issues simultaneously.
“We intend to secure a loan, construct our satellite, and ensure full accountability in the process. This is a strategic approach to address this funding challenge,” Shaba stated.
Furthermore, he indicated that NASRDA was actively exploring alternative revenue sources to support the satellite launch project.
“Our plan includes launching a communication satellite, a crucial tool for many media organizations, and seeking additional funding sources. With this strategy, we anticipate covering a substantial portion of the initial investment within the first three months,” Shaba said.