The Federal Government 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.
While inaugurating the Committee in his Office in Abuja today, the Honourable Minister of Sports and Youth Development, Mr Sunday Dare 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.
The Committee which is to be coordinated by the Minister of Finance, Mrs Zainab Shamsuna Ahmed was charged with the responsibility of working out the modalities for the successful transition of Sports from recreation to Business in the country.
According to him, “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 youths, grants, other necessary supports as well as scholarships for athletes”, he stressed.
