Olisa Agbakoba Legal (OAL), through its Associate Partner, Beverley Agbakoba-Onyejianya is pleased to have collaborated with the Sports Industry Working Group (SIWG) comprising the Nigerian Economic Summit Group (NESG), the Federal Ministry of Youths and Sports (“the Ministry”), and critical sector stakeholders in the sports industry in the formulation of the National Sports Industry Policy(NSIP).
This policy, which was approved by the federal executive council on Wednesday, 2nd October 2022 brought to a positive end the efforts of the Sports Ministry under the headship of Minister Sunday Dare to get the policy in place for the administration of sports in the country. This is a positive stride for industry players, organizations and associations in the sports industry. OAL has constantly provided advisory services to players, football clubs and associations. OAL has also developed policies and chaired various sports bodies locally and internationally to foster and further accentuate the immense and hugely untapped economic potential of sports in Nigeria.
The Policy outlines an effective means of improving sports funding, delineating the obligations of the different tiers of government, the participation of the private sector and other stakeholders in sports. Its thrust areas include: Federations and athletes’ development, education, health, capacity development and training, inclusivity and social development in the community, provision of facilities and infrastructure, economic development, legislative environment and international relations, funding, finance and investment for sports and the digital economy.
As part of its objectives, it also provides various incentives for athletes, investors, individuals and organizations in the sports industry such as Tax exemption and rebate for a period of 5 years for investors in the value chain of sports, Single digit loan interest rates for corporate organizations and private individuals investing in the sports value chain, 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 training to mention but a few.
The NSIP represents a significant step to promote a vibrant sports industry and bolster its economic benefits. In the coming weeks, the Finance Ministry and relevant financial agencies will meet to work out specific details of the incentives.