Space in Africa, a boutique consulting and media firm providing data-driven insights for businesses and decision-makers to succeed in the African space industry, has released the 2024 African Space Budget Analysis Report. The Report aggregates annual budgets by African governments for space programmes and explores the factors influencing budgetary decisions, including technological priorities and national strategic objectives.
Space in Africa’s analysis showed that in 2024, African nations budgeted USD 465.34 million for their space programmes, a 27.86% decrease from 2023’s revised allocation of USD 643.13 million. The amount consists of statutory allocations to individual national space programmes and, for the first time, contributions from the African Union to operationalise its newly established African Space Agency.
Several factors contributed to the decline in the 2024 Africa space budget aggregate, with the weakness in local currencies being the primary reason for the YoY decline in absolute dollar value. Despite maintaining or increasing budget allocations in local currencies, countries such as Kenya, Zimbabwe and Nigeria’s space budget declined YoY in USD due to steep local currency devaluations.
The report shows that African governments have budgeted over USD 3.1 billion between 2018 and 2024 for space programmes on the continent, including the administration of government space institutions and expenditures for some capital projects. This budget aggregate excludes other capital projects, such as acquiring large communications or reconnaissance satellites, often not included in the national appropriation bill. Also, expenditures from local and international grants for space activities and private sector funding are not included in the budget sum, which indicates that Africa’s investment in space in the last seven years far exceeds USD 3.1 billion.
“The 2024 African space budget analysis report provides more than just data. It’s an important tool that emphasises the role of the space industry in Africa’s journey towards sustainable development. It offers actionable insights and strategic recommendations that resonate with stakeholders in the public and private sectors,” says Wale Adelanwa, Senior Analyst at Space in Africa and the report’s lead author.
Speaking on the importance of the 2024 African space budget analysis report to the industry’s development, Mustapha Iderawumi, Senior Analyst at Space in Africa and report co-author, highlighted that “as more countries join the global space endeavour, analysing the allocated resources and approaches taken to build national space capabilities becomes increasingly crucial for understanding how space investments can optimise progress towards countries’ development objectives in Africa.”
Victor Oluniyi, Data Analyst at Space in Africa and report co-author, commented, “African countries’ investment in space is an investment in Africa’s prosperity and global competitiveness. If government resources are properly appropriated, space programmes can catalyse the African economy as a bedrock to mainstream sectors, security, and technological advancement.”
The 2024 African Space Budget Analysis Report provides guidance to decision-makers, investors, researchers, and industry experts on navigating Africa’s public spending on spaces, policy frameworks, and country-specific emerging trends. The report’s government outlook highlights key opportunities and challenges. Learn more about the report here.
About Space in Africa
Space in Africa (SiA) is a boutique consulting and media firm that provides data-driven insights for businesses and decision-makers to succeed in the African space industry. SiA offers strategic consulting, market research and analytics, and media and PR services with an in-depth focus on the African space industry. Our domain focus enables us to build relationships, offer our clients market-inspired expertise, and support them in succeeding in Africa.
We manage the largest platforms, sharing industry activities and connecting stakeholders in the African space ecosystem. These platforms include news, analysis, opportunities, the African Space Data Hub and the NewSpace Africa Conference – the largest gathering of decision-makers and foreign partners interested in the African space economy. We have built upon these platforms to create tailored strategies and market research for companies and institutions interested in the African space industry. We offer services to clients from across all continents, and our resources are continually used in over 120 countries.
Source: https://spaceinafrica.com/2024/06/03/african-governments-budget-usd-465-million-for-space-programmes-in-2024-space-in-africa-report-shows/
