As a nation of sports lovers, Nigeria could be in a position to create a giant sporting economy, but could it be as big as N2 trillion? That’s the question recently raised by the Chief Executive Officer of Sports Nigeria, Nkechi Obi, in an interview.
What Did He Say?
Obi pointed out that the huge figure mentioned is only possible if the country is able to build a sustainable pathway to success and infrastructure for young Nigerian sporting talent. This comment came as he introduced the Sports Nigeria brand, which marks the first time that an African country has created a National Sports Industry Policy.
It’s hoped that this will be a key step in the process of creating a stronger and more formal sports sector. This is meant to help create jobs in the sports industry and drive the economy forward, as Obi was keen to stress that it isn’t about making it to the Olympics or to the World Cup, but about helping the 100 million Nigerians who want to compete in sports and are happy to pay to achieve this, boosting the economy at the same time.
Source: Pexels
Babatunde Folawiyo is the Chairman of Sports Nigeria, and he said that the business side of sport and the social side will both benefit and push each other on while feeding off one another.
How Big is the Sports Industry Elsewhere?
The North American sports market is calculated to be worth somewhere around $80 billion, which is way above the hopes being stated for the Nigerian market and it also covers a bigger population. However, we can learn from this region by looking at the most popular sports and how they form part of the economy.
For example, when we consider what drives Sports Streaming USA figures, we can see that the top sports are football, soccer, basketball, baseball, and ice hockey. What’s interesting is that the level of interest in each sport spikes at different times in the years, as their seasons run to different schedules. Other sports are also popular in the country, and fans have a huge range of choices when it comes to watching or taking part.
This market includes everything from consumer spending to broadcasting deals and sponsorship money. Not everyone agrees on what should be included, but it could cover the money spent by people buying sports kits, hiring facilities, or joining clubs, so it’s an extremely wide-ranging subject.
On a global basis, the numbers vary according to different sources, with the total sports market somewhere between $500 billion and $1.3 trillion. Soccer is the biggest game on the planet and makes up more than 40% of the worldwide financial impact of sport. However, many of the most valuable teams compete in the lucrative NFL, where the Dallas Cowboys and the New England Patriots lead the way in terms of their value.
There’s no doubt that the Nigerian authorities want to see sports make up a greater part of the economy, as they do in other parts of the world. However, a lot of work is needed to create the necessary infrastructure, so it isn’t something that’s going to change in the near future.
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