Investment in sports in Nigeria has received a boost with the offer of a tax exemption as contained in the National Sports Industry Policy, which has now been approved by the Federal Executive Council.
The country’s cabinet gave its official green light to the new sports policy yesterday, to the delight of sports minister Sunday Dare.
“The Federal Executive Council has approved the National Sports Industry Policy (NSIP) proposed to it by the Ministry of Youth and Sports Development,” the ministry announced.
“This approval was given during its meeting on Wednesday, bringing to a positive end the efforts of the Sports Ministry under the headship of Minister Sunday Dare to get the policy document in place for the administration of sports in the country.”
Apart from tax exemption and rebate for a period of five years for investors in sports, the NSIP, as approved by the FEC, has other incentives for potential investors.
These include the provision of land and waiver for certain fees on lands meant for sports, as well as single digit loan interest rates for corporate organisations and private individuals investing in the sports value chain.
There will also be an 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.
“The policy outlines an effective means of improving the funding of sports, delineating the obligations of the different tiers of government, the participation of the private sector and other stakeholders in sports,” the sports ministry explained.
“The thrust areas of the National Sports Industry Policy (NSIP) are as follows: 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.
“Only recently, the Federal Government reclassified sports as business, and not mere recreation, to birth the vision of the policy in ensuring that sports play a prominent role as an instrument of national unity, cohesion; promoting health and fitness through mass participation; and contributing to economic development and global recognition.
“In the coming weeks, the Finance Ministry and relevant financial agencies will meet to work out specific details of the incentives.”
