The Federal Executive Council (FEC) presided over by Vice President Yemi Osinbajo has approved a new policy, which fully makes the sports sector a revenue-generating business for the government and the private sector.
Minister of Sports and Youth Development, Chief Sunday Dare, who disclosed this to State House Correspondents after the weekly Council meeting at the Presidential Villa, Abuja said the approval was for the National Sports Industry Policy (NSIP) 2022-2026.
According to Dare, with the approval, sporting, in the country, has added a structured business portfolio to the recreational value, adding that the new policy has provided for various categories of the sports sector stakeholders, including the youths, who mostly make the world of sports enthusiasts.
He also disclosed that the policy contains an array of compartments taking care of sports governance regulations, infrastructure development plans and other modules aimed at standardizing the sports sector.
The approval obtained today will also look at sports’ code of governance regulations, as it relates to our sporting federations, to create a sports governance structure as we have in other sectors that will be attractive to the private sector and this code of governance will attract obligations like accountability, which are critical to investor confidence and also sector clarity.
“The approval also covers incentives for private investors and sports development. Approved were proposed tax and fiscal incentives needed to drive sports as business and also to attract the much-needed investment from the private sector.
