The Federal Ministry of Youths and Sports Development has inaugurated a 10-man National Sports as Business Policy Technical Committee to draw up the details of the incentives that will be in the National Sports as Business Policy.
Director of Press and Public Relations Mohammed Manga quoted the Minister of Sports and Youth Development, Mr Sunday Dare while inaugurating the committee to have stated that the first ever National Sports Industry Policy approved by the President in Council in November 2, 2022, is aimed at moving Sports in Nigeria from recreation to Business
He charged the Committee which is to be coordinated by the Minister of Finance, Mrs Zainab Shamsuna Ahmed with responsibility of working out the modalities for the successful transition of Sports from recreation to Business in the country.
In his words, “For over 3 years now, the Ministry has been at work reviewing past sports policies and also dealing with the weaknesses therein. The major weakness was that Sports was just categorized as recreation and service, it was not a business and therefore placed financial burden on the Federal government”.
He stated further that the Ministry has in line with global practice decided to look at Sports as Business to enable the Industry also contribute to the Gross Domestic Product of the nation
“Looking at about 10 countries that dominate the world of global sports, the Ministry decided to look at Sports as Business, which if handled appropriately, can among others, contribute to the annual GDP of the country, provide employment for about 2 to 5 million youth, grants, other necessary supports as well as scholarships for athletes”, he stressed.
Dare who explained that investment, incentives and infrastructure are the three things that drive Sports as business, funded both by government and private sector, added that the policy is in line with the orientation of government which under the current National Development Plan 2021 to 2025 is based on 70% of funds from the private sector and 30% from government with rebate on tax.
Earlier in his Opening remarks, the Ministry’s Permanent Secretary, Alhaji Ismaila Abubakar called on private individuals as well as stakeholders to key into the new policy with a view to taking sports to greater heights
While commending the laudable innovations of the Honourable Minister of Sports and Youth Development, Mr. Sunday Dare, Alh. Ismaila Abubakar thanked President Muhammadu Buhari for granting approval to the Policy and called on the Committee to put in their best towards the success of the Policy
Responding on behalf of the Committee, the
representative of the Federal Ministry of Finance and National Planning, Dr Ladan Haruna assured that the Committee will bring their wealth of experience to bear in ensuring the success of the Policy.
He commended the Honourable Minister, Mr Sunday Dare for the initiative, adding that if properly harnessed, it will boost the sports industry, thus impacting positively on every sector of the economy.
Members of the Technical Committee are: Dr Ladan Haruna, Mrs Chinedu Louisa Okeke, Dominic Akuboh, Mrs Tabitha Dagyol, and Dr Ikenna Nwosu. Others are, Amaechi Akawo, Bamiduro Olumide, Chasing Madumumere, Rep. of CBN, as well as Rep of Customs and Excise.