Sunday Dare, minister of sports and youth development, and Zainab Ahmed, finance minister, have constituted a technical committee to evaluate the incentives package approved in the National Sports Industry Policy (NSIP).
The federal executive council (FEC) approved the incentives package during its sitting on November 2, 2022.
In a statement, the sports ministry said the committee will be chaired by Dare and Zainab Ahmed.
It added that the committee will include representatives from the ministry of sports and youth development, ministry of finance, Central Bank of Nigeria (CBN), federal inland revenue service, ministry of trade and industry, and customs.
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The statement said the committee would work out the fine details of the fiscal incentives outlined in the policy, which emphasises “sports as a business” and prepares grounds for more private sector participation in the sports sector.
The policy includes the application of the Renovate Operate Transfer (ROT), Build Operate and Transfer (BOT), Integrated National Financial Framework (INFF), Nigeria Integrated Infrastructure Master Plan (NIIMP) or any other innovative PPP financing model for the provision, rehabilitation of sports facilities in collaboration with the ministry of finance, budget, and national planning.
The incentives, as outlined, are tax exemption and rebate for a period of five years for investors in the value chain of sports, land provision and waiver for certain fees on lands meant for sports, and single-digit loan interest rates for corporate organisations and private individuals investing in the sports value chain.
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Others are independent government grants through the establishment of an independent Athletes Welfare Fund (AWF) from which athletes representing the country can draw support for education and training.
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