Business Post Contributor
The FIFA World Cup is one of the biggest sporting events around, and there is a certain sadness and disappointment when you do not get to participate.
Footballers rue missing the chance to showcase their talents alongside the best in the world, while it is also a downer for fans who are unable to feel the passion of cheering their country at the global showpiece.
However, while fans and players are mourning Nigeria’s absence from the Qatar 2022 World Cup, there is also a financial cost to consider. The World Cup is big business and provides several avenues for making money.
The World Cup is more than just 32 teams vying for a golden trophy. It is also about tourism, culture and investment, all of which are revenue-generating ventures both for the host nation and participating countries.
Financial Implications of Nigeria’s Absence From the World Cup
While Nigerians were reeling from the shock of missing out on the World Cup, one man’s attention was drifting elsewhere. According to the then NFF president Amaju Pinnick, one of his first thoughts after the final whistle was the financial loss on groups who had direct or indirect plans on leveraging on the Super Eagles’ qualification.
Nigeria is a country accustomed to attending the World Cup, and the consequence of missing the tournament is substantial. One group that will be counting the loss of the Super Eagles’ absence from Qatar is sportswear maker Nike, who had a plan worth millions of dollars linked to the release of a new National team jersey.
Although Nigeria failed to impress at the 2018 World Cup in Russia, there was still a buzz around the team. The team jersey for the World Cup that year was one of the highlights of the entire tournament, creating a frenzy more suited to one of the game’s bigger names.
Featuring a design that set it apart from all the others, Nigeria’s jersey in Russia was a big hit. It became a must-have that summer and sold out almost immediately.
There were reports that Nike received at least three million pre-orders for the jersey, which was worth $90. There were also long queues at the company’s stores all over the world on the day of its release, and it sold out minutes after it was made available.
Fast forward four years and Nigeria’s absence from the World Cup means a major loss in what could have accrued to the NFF. Nike has released the jerseys, but there was less fanfare than in 2018, which automatically means lesser sales.
It is believed that the contract with Nike gives Nigeria about 8% of royalties from each shirt sold plus a further $1 million in bonus fees if they had made the group stage. All this just means the Super Eagles’ absence has cost the NFF and Nike a massive windfall.
Beyond shirt sales, FIFA also provides a certain amount to all the qualified teams just for playing in the World Cup. That figure is believed to be around $12.5 million, which is made available long before the tournament and is expected to help with preparations, camping and other expenses.
Individual Cost of Nigeria’s Absence From Qatar
It is not just big corporations like Nike and the NFF who are counting the loss of Nigeria’s absence from Qatar. There are small and private businesses that are now set to miss out on increased customer traffic both in Nigeria and Qatar.
There’s also the average Nigerian football betting fan who would have been looking forward to profiting off the team by betting on their matches at the World Cup.
Nigerians searching for the best betting apps for outright odds can make a pick from the options available on websites like Betting Apps Nigeria.
From makers of World Cup gear and paraphernalia to sports bars and travel agencies, all of whom would have benefited from an increase in patronage, everyone is looking at diminished income with Nigeria missing the tournament.
And then there are Nigerians in Qatar, who would have provided certain services for their compatriots travelling for the tournament. From hospitality, cuisine and even transportation services, a lot of people are set to take a financial hit.
Conclusion
Football is a money-generating sport, and the World Cup is at the top of that particular pyramid. Beyond pride and passion, the consequences of not having your country at the global showpiece cannot be overlooked.
Both individually and on a wider scale, from small businesses to major corporations, everyone will feel the effect of Nigeria’s absence from the World Cup.
