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National Sports Industry Policy: Sports, Finance Ministers Constitute Technical Committee on Implementation

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The Sports and Youth Development Minister, Sunday Dare and the Minister of Finance Zainab Ahmed
have constituted the Technical Committee to work on the specifics of the incentives package approved in the National Sports Industry Policy passed by the Federal Executive Council on November 2, 2022.

The Committee will be chaired by both Ministers and will have representations from the following ministries and agencies;

i. Federal Ministry of Sports and Youth Development.

ii. Federal Ministry of Finance.

iii. Central Bank of Nigeria.

iv. Federal Inland Revenue Service.

v. Federal Ministry of Trade and Industry.

vi. Customs.

The Technical Committee is expected to work out the fine details of the fiscal incentives outlined in the policy, which emphasizes ‘Sports as business’, and also prepare grounds for more private sector participation in the sports sector.

The approval to apply the Renovate Operate Transfer(ROT), Build Operate and Transfer(BOT), Integrated National Financial Framework(INFF), Nigeria Integrated Infrastructure Master Plan(NIIMP) or any other innovative PPP financing model for the provision, rehabilitation of sports facilities in collaboration with the Ministry of Finance, Budget and National Planning is also a novel aspect of the policy.

The incentives as outlined are :
A) Tax exemption and rebate for a period of 5 years for investors in the value chain of sports.

B) Land provision and waiver for certain fees on lands meant for sports.

C) Single digit loan interest rates for corporate organisations and private individuals investing in the sports value chain.

D) Independent Government Grant through the establishment of an Independent Athletes Welfare Fund(AWF)from which athletes representing the country can draw support for education and trainings.

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Sports

Ministry of Sports unveils partnership with Yanga Games

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Joel Ajayi


Towards creating a new dawn for Nigerian Sports, the Federal Ministry of Sports has signed a landmark agreement with top lottery company Yanga Games to raise the revenue profile of the Ministry and ensure a new deal for the welfare of athletes.


Speaking during the unveiling of the partnership between the Ministry and Yanga Games in Lagos on Friday, Chairman/CEO of Yanga Games Mr Derrick David Kentebe said “We are so super excited by this opportunity to work with the Ministry of Sports Development to change the narrative about Sports in the country. We see an opportunity for marketing our athletes and sports generally. We shall avail ourselves of the best use of this unique and special partnership. We shall pursue this mandate with vigor, passion, and unrivaled commitment to bring benefits to all the critical stakeholders.


The agreement according to Kentebe will provide support for retired athletes, enhance grassroots sports Development, and advance the potential of special athletes.a


He assured that ” Yanga Games can raise funds on behalf of the Ministry of Sports for athletes’ Development, endorsement, and sponsorship deals for athletes”.


Minister of Sports Senator John Owan Enoh assured that the Ministry has total and absolute confidence in YangaGames to deliver on the given mandate.

“Gone are the era when we depended solely on the government to fund sports development. We are partnering with YangaGames to bring maximum benefits to the athletes and all critical stakeholders. We shall give institutional encouragement and support to the Management of Yanga Games to succeed in this onerous task of rebuilding our sports sub-sector.”


Kentebe said ” We shall raise about 34 Billion in the next four years to assist athletes and improve sports in the country. We shall help to develop grassroots sports and sustain youth involvement through raffle draws, fund raisers, and other avenues.

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