By Salifu Usman, Abuja
The Statistician-general of the federation, Yemi Kale, has rated sports’ contribution to Nigeria’s economic low, saying the sector accounts for 0.005 percent of the country’s GDP.
Speaking at the 26th Nigerian Economic Summit pre-summit webinar themed “Re-categorization of Sports as a Business Sector of the Economy’ held recently, he said Sports is valued at $500 billion globally, however, the sector accounts for 0.005 percent of Nigeria’s GDP which is not good enough.
He described sports as a small business in the country, but insisted that the sector has a capacity to stimulate economic growth and urged nation’s sports managers to agree on sporting activities that would constitute and focus on data integrity.
“Sports remains a small business in Nigeria but has the potential to be much bigger. We need to agree on what sporting activities should constitute and focus on data integrity, collaboration with relevant agencies and most importantly ensuring the steady funding for data computing as related to the sports industry,” Kale stated.
The minister of Youth and Sports Development, Sunday Dare, while speaking at the event, said the sports industry which is a labor-intensive growth industry is being re-categorized as a business venture beyond recreation based on its capacity to spur economic growth.
“This move prioritizes the industry and fosters its eligibility for incentives, development of metrics for impact measurement, consideration for special funding by the Central Bank of Nigeria, creation of jobs and tax rebate, the sports industry can deliver N2 trillion revenue in the next 5 to 10 years for Nigeria and this can help to drive the largest real estate and infrastructure development in the country however it will require $500 million annual investment in sports infrastructure,” Dare said
The summit was held as pre -26th Nigerian Economic Summit themed “Building Partnerships for Resilience” scheduled to hold from October 26th – 27th, 2020 with discussions at hovering on three pillars – Collaboration, Execution and Impact – and dimensioned across five sub-themes: mapping the future, new trends, new opportunities, new horizons, embracing technology and innovation; building resilience and charting the path to recovery.