Nigeria Generates N350m Yearly From Sports – Minister
NEWSMAN, Lagos – Minister of Youth and Sports development, Sunday Dare has disclosed that Annually, sports in the country generates slightly over #350 million Naira.
Speaking at the Nigeria Basketball Federation (NBBF) event in Lagos on Tuesday, Dare said the Nigeria Professional Football League (NPFL), Nigeria Premier Basketball League, and their likes will become major indexes driving the Nigerian economy when the new national sports policy is ratified and accented to by the President, Muhammadu Buhari.
According to him, the government is the major sponsor of sports in Nigeria and it has spent immense funds in infrastructure development and Athletes incentives, but the new policy seeks to amend these, enabling the industry contribute immensely to the Economy. Major sport Leagues and competitions in the Country will contribute a projected 2-3% of the GDP with the new policy, Sporting Life reported.
“In June, the Federal executive council, actually, for the first time reclassified sports from mere recreation to business.
“Go to Jamaica, Brazil, South Africa; countries where sports is built around a business model, you see the returns.
“In the UK 42 billion dollars every year, in the US 38 billion dollars every year, globally 1.3 trillion dollars in Nigeria 350 million dollars. Now we want to explore the possibilities, the potentials, so that this country can also try to reap from sports as a business,” he explained.
On Tuesday the NBBF signed a five-year, N150 million worth extension of the title sponsorship deal for the Men’s National Division 1&2 Leagues.
The leagues are set to resume following the Federal government’s approval for the return of non-contact and some contact sports.