The Sports and Youth Development Minister, Sunday Dare and the Minister of Finance Zainab Ahmed have constituted the Technical Committee to work on the specifics of the incentives package approved in the National Sports Industry Policy passed by the Federal Executive Council on November 2, 2022.
The Committee will be chaired by both Ministers and will have representations from the following ministries and agencies;
- Federal Ministry of Sports and Youth Development.
- Federal Ministry of Finance.
- Central Bank of Nigeria.
- Federal Inland Revenue Service.
- Federal Ministry of Trade and Industry.
- Customs.
The Technical Committee is expected to work out the fine details of the fiscal incentives outlined in the policy, which emphasizes ‘Sports as business’, and also prepare grounds for more private sector participation in the sports sector.
The approval to apply 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 is also a novel aspect of the policy.
The incentives as outlined are:
- Tax exemption and rebate for a period of 5 years for investors in the value chain of sports.
- Land provision and waiver for certain fees on lands meant for sports.
- Single digit loan interest rates for corporate organisations and private individuals investing in the sports value chain.
- 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 trainings.