The nation is said to lose billions in revenue to foreign satellites and technology firms.

Making this disclosure recently was Prof. Seidu Onailo Mohammed, Director- General/Chief Executive, National Air Space Research and Development Agency (NASRDA).

The NASRDA boss, who was a guest speaker at a forum organised by the Institute of Credit Administration (ICA) in Lagos, said it was disheartening to note that the country loses a lot of revenue to capital flight as Africa, including Nigeria patronise mostly foreign satellite communications companies.

“Unfortunately Nigeria has only one satellite firm, which is the NigComSat-1R. It must interest you to note that huge revenues are being generated from Africa to other part of the world, because many organisations and ministries and departmental agencies are using foreign satellites.”

To address this inadequacy, the don urged the establishment of a legal and regulatory framework for satellite operators in Nigeria with a view to drive patronage for the Nigerian-made satellite.

Speaking earlier, the Registrar/Chief Executive, ICA, Prof. Chris Onalo said the Institute remains committed towards the growth and development of the various economic sectors; hence, it has continued to contribute to the dialectics of nation-building through engaging different stakeholder groups.

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