The Sports and Youth Development Minister, Sunday Dare and the Minister of Finance, Zainab Ahmed have constituted a Technical Committee to work on the specifics of the incentives package approved in the ‘National Sports Industry Policy’.
The Policy was passed by the Federal Executive Council on Nov. 2, 2022.
The committee will be chaired by both ministers, according to a statement issued by by Toyin Ibitoye, Special Assistant, Media, to the Sports Minister, Sunday Dare.
Ibitoye stated that the Committee would have representations from the Ministry of Sports and Youth Development, Ministry of Finance as well as the Central Bank of Nigeria.
Others are Federal Inland Revenue Service, Ministry of Trade and Industry and the Nigerian Customs Service.
“The Technical Committee is expected to work out the fine details of the fiscal incentives outlined in the policy, which emphasises ‘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) is also a novel aspect of the policy.
“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 an aspect of the policy.
“The incentives as outlined are tax exemption and rebate for a period of five 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 are the other incentives,” Ibitoye stated.
He also added that “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 were also part of the incentives.
