SportsBusiness: In historic move, Nigerian Govt injects N80bn into sports development

For the first in the history of Nigeria’s National Development Plan (NDP), Sports is now included as business with the plan to inject N80 billion into the nation’s sports development in over a period of 4 years – 2021-2025.

Recall that in the Economic Recovery and Growth Plan (ERGP) 2017-2020, Sports was totally excluded and ended up with zero budget.

But following a presentation by the Minister of Youth and Sports development, Sunday Dare, to the Federal Executive Council last year, sports became listed in the business category in the budgeting process.

It can therefore be said that the reclassification of Sports as business and no more mere recreation paved the way for sports in the NDP, hence the 80 billion earmarked for sports.

The second boost for the new budget is the efforts by the Ministry to deliver a National Sports Industry Policy (NSIP).

Minister Dare had championed the need to build a business model around Nigeria’s Sports Development with the mantra of Sports as business.

Working with critical stakeholders, a final draft of the policy is already under review by the Ministry of Justice, according to the Ministry.

Very interestingly, the NDP 2021-2025 harped on the legal and regulatory framework needed to drive Sports as business, hence, the Sports industry and the budget approved.

Meanwhile, the NDP also gave Youth development a boost of N60 billion earmarked for youth development focusing on building a robust MSME growth, Entrepreneurship and overall Human capital development now classified under social development.

Under the NDP, Youth and Sports together have secured 140 billion- a record.

The Federal Ministry of Youth and Sports Development is now on the National Steering Committee of the NDP 2021-2025.