Adedapo Adesanya
By Adedapo Adesanya
The Nigerian government has approved tax exemption and rebate for 5 years and a single-digit loan interest rate 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 (FEC) meeting held on Wednesday.
The statement noted that the policy would also support athletes through an Independent Athletes Welfare Fund (AWF), adding that it was proposed by the Ministry of Youth and Sports Development.
“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,” the statement said.
Apart from the tax exemption and rebate for 5 years for investors in the value chain of sports, another recommendation includes the proposal of single-digit loan interest rates for corporate organisations and private individuals investing in the sports value chain.
Others include – land provision and waiver for certain fees on lands meant for sports, as well as 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 led to underperformance.
