Federal Govt Set To Give Tax Incentive To Woo Private Sector Into Sports

Federal Govt Set To Give Tax Incentive To Woo Private Sector Into Sports

By Niyi Busari

The Federal Government of Nigeria is set to give tax incentive to attract private sector invest in sports industry, BSNSports.com.ng can report.

According to the policy made by the Ministry of Youth and Sports Development, the Nigerian Government will begin to see sports as an industry that will contribute to National Income and not as recreation.

Minister of Youth and Sports Development, Sunday Dare in the Post-FEC briefing believed that the policy which will be presented before Cabinet for approval will help the growth and development of the sports sector as the policy encourages and attracts private individuals invest in sports with the aim of profit making while government on their part, gives tax incentives, maintain sports facilities and also mobilise the public and private sectors to invest in sports business.

Special Assistant to President Mummadu Buhari on Digital and New Media, Tolu Ogunlesi made this known on Wednesday via his verified twitter handle after the Federal Executive Council meeting at the Aso Villa.

"Post-FEC Briefing by Minister of Youth and Sports Developmen @SundayDareSD: @NigeriaGov set to reclassify sports as a business, not ‘recreation’, with various potential implications for the sector, including how it is measured as part of GDP. Development of new sports industry policy being concluded, says the Minister. When done it will be presented to Cabinet for approval. Policy grounded on 3 ‘I’s:

• Incentives (Tax incentives Etc)
• Infrastructure
• Investment (Mobilising public and private funding to sector)." The tweet reads.