Federal Government approves National Sports Industry Policy
The Federal Executive Council has approved the National Sports Industry Policy(NSIP) proposed to it by the Ministry of Youth and Sports Development.
This approval was given during its meeting on Wednesday, bringing to a positive end the efforts of the Ministry to get the policy document in place for the administration of sports in the country.
According to a statement from the Ministry, some incentives aimed encouraging the private sector were approved as part of policy document.
In the coming weeks, the Finance Ministry and relevant financial agencies will meet to work out specific details of the incentives.
The Policy also outlines effective means of improving the funding of sports, delineating the obligations of the different tiers of government and participation of the private sector and other stakeholders in the industry.
Main thrust areas of the policy will includes
Federations and athletes’ development, education, health, capacity development and training, inclusivity and social development in the community.
The documents also noted provision of facilities and infrastructure, economic development, legislative environment, international relations, funding, finance and investment for sports and the digital economy towards achieving a vibrant industry.
Some of the incentives for the private sector includes;
A) Tax exemption and rebate for a period of 5 years for investors in the value chain of sports.
B) Land provision and waiver for certain fees on lands meant for sports.
C) Single digit loan interest rates for corporate organisations and private individuals investing in the sports value chain.
D) 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.
E) Application of the Renovate Operate Transfer(ROT), Build Operate and Transfer(BOT), Integrated National Financial Framework(INFF), Nigeria Integrated Infrastructure Master Plan(NIIMP) or any other innovative PPP financing model for the provision, rehabilitation of sports facilities in collaboration with the Ministry of Finance, Budget and National Planning.
F) Full operationalisation and enforcement of the sports Code of Governance.
The policy is also expected to aid the resolve of government towards its aim of reclassifying sports as business, and not mere recreation
