Sports Contribute $350 million yearly To Nigeria’s GDP – Dare
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The 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.
Currently, 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.
Annually, sports in the country generates slightly over $350 US dollars
According to the Minister of Youth and Sports development, Mr. Sunday Dare, major sport Leagues and competitions in the Country will contribute a projected 2-3% of the GDP with the new policy.
Mr Dare made this remark, Tuesday, at an NBBF event in Lagos.
“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 are 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, 150million naira worth extension of the title sponsorship deal for the Men’s National Division 1&2 Leagues.
The leagues are yet to resume following the Federal government’s reversal of approval granted to reopening of contact sports last week