Coronation Insurance Plc has announced its corporate sponsorship of the World Tennis Tournament will boost Nigeria’s Gross Domestic Product.
Introduced by the International Table Tennis Federation in 2019, the WTT Contender is a prestigious event that showcases the participation of highly skilled professional table tennis players from various countries, both male and female, competing for the championship title.
The WTT professional tour has energised the elite player base by allowing them to fight for incentives and world ranking points, while also allowing up-and-coming stars of the sport to work their way up the ladder. The WTT Contender Series will make its African debut in Durban, Lagos and Tunisia respectively.
The event which is scheduled to hold in Lagos, from June 12th to 18th, 2023, will play host to notable tennis players such as Nigeria’s Quadri Aruna, who will face formidable opponents from China, Tapei, Korea, Germany, Portugal, Denmark, Egypt, Slovakia, Poland, and Sweden.
Speaking on the WTT Tournament, the CEO of Coronation Insurance, Mr Olamide Olajolo stated that there is an urgent need to support national sporting bodies to implement targeted fund-raising programs and prioritise the allocation of resources for sports.
He stated that “no doubt, the WTT Contender competition helps to improve fundamental social and interpersonal skills, which aids in crime reduction and building national unity. It is also important to note that Nigeria needs to boost private investors’ confidence in the industry so they can fully participate in the business aspect of sports.”
According to a report issued by the Centre for the Study of the Economics of Africa (CSEA), Sport contribution to Nigeria’s GDP remains low due to inadequate finance and investment.
Accessing the impact of sports on Nigeria’s GDP, the report shows that the entertainment and recreation sector contributed 0.19 per cent, 0.31 in per cent, 0.33 per cent and 0.35 per cent to the Nigerian GDP in 2019, 2020, 2021 and 2022 respectively.
Similarly, the CEO of Coronation Life Assurance, Akinlolu Akinyele, said: “we are excited to be a part of this epoch-making tennis fiesta.
“Indeed, Sporting tournaments such as the WTT Contender Tournament can be utilized as a medium to democratize wealth creation and access, thereby encouraging participation in all sporting activities in primary, secondary, and tertiary educational institutions.”
These will help make the sports sector more appealing for the youth to pursue as a career and profitable for businesses.”
He maintained that sports can provide an important platform for youths to develop life skills that will enable them to cope better with everyday life challenges and transition away from drug abuse, violence, and crime.
Coronation is a financial service partner that helps build enduring legacies that lead to sustainable wealth creation in Africa. It offers a wide range of financial solutions to professionals, institutions, and individuals across Africa and globally.
