The Nigerian Government has approved tax exemption and rebate for 5 years and single-digit loan interest rates for sports investors under the National Sports Industry Policy (NSIP).
This was disclosed in a statement by the Federal Ministry of Youth and Sports at the end of the Federal Executive Council meeting held on Wednesday.
Nairametrics understands that the policy will also support athletes through an Independent Athletes Welfare Fund (AWF).
Ministry of Youth and Sports proposed the policy: The statement said the National Sports Industry Policy (NSIP) was proposed by the Ministry of Youth and Sports Development. Part of the statement said:
- “This approval was given during its meeting on Wednesday, bringing to a positive end the efforts of the Sports Ministry under the headship of Minister Sunday Dare to get the policy document in place for the administration of sports in the country.”
More details of approved incentives: Some of the approved incentives as outlined in the policy document include the following-
- Tax exemption and rebate for 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 Grants through the establishment of an Independent Athletes Welfare Fund (AWF) from which athletes can draw support.
The move is expected to boost sports investments in Africa’s largest nation which has an underdeveloped sports infrastructure and has historically been underperforming at the Olympics.
