The Technical Committee of the Ministry of Sports has submitted a detailed document on the National Sports Industry Policy (NSIP) to the Federal Government.
The move is a big step towards placing sports as a business in Nigeria rather than a mere recreation especially because the Minister of Sports, Sunday Dare, has identified funding as one of the biggest challenges of sports development in Nigeria.
Dare strongly believes that the NSIP which has been embraced by President Muhammadu Buhari will be a big boost to sports development in the country.
It is expected that the private sector support will turn around with the current plan of the ministry of sports.
Authoritative source has however revealed some of the incentives proposed by the technical committee of the ministry on the NSIP project.
It is expected that the ministry of Finance and ministry of Sports will meet to ensure steps are taken to actualize the document which already has the blessings of President Buhari.
For the proposed investors, import Duty and VAT Exemptions on Machinery and Equipment are guaranteed just as there will be pioneer status incentive with tax holiday of seven years endorsed by the FIRS, 8% loan interest rate, assured by the CBN and repatriation of capital and profit also guaranteed by the CBN.
For the sports facilities for events, competitions and training which are open to concessionaires, other incentives lined up for investors are also on the cards for them.
And for the sports merchandise, incentives proposed include import duty and VAT exemptions on machinery and equipment under Chapters 84, 85 and 90 of the ECOWAS Common External
Tariff, import duty concession on critical raw material, pioneer status incentive with tax holiday of seven years as endorsed by the FIRS plus 8% loan interest rate already approved by the CBN together with the repatriation of capital and profit.
The motive of the Sports industry policy is to ensure sport plays a prominent role as an instrument of national unity and cohesion; promoting health and fitness through mass participation; and contributing to economic development and global recognition.
The target is to create the enabling environment for sports to thrive as a business sector within the Nigerian economy, attracting maximum private sector investment in synergy with government towards ensuring the development of sports at all levels.