The Technical Committee of the Ministry of Sports has submitted a detailed document on the National Sports Industry Policy (NSIP) to the Federal Government.
According to the ministry, the move is a big step towards placing sports as a business in Nigeria rather than a mere recreation especially now that funding has been identified as one of the biggest challenges of sports development in the country.
When he served as the Minister of Sports, Sunday Dare, believed strongly that the NSIP which was embraced by the immediate past President, Muhammadu Buhari, will be a big boost to sports development in the country.
The ministries of Finance and Sports will meet to ensure steps are taken to actualize the document which already has the blessings of the former President.
Daily Trust gathered exclusively that for the proposed investors, import Duty and VAT Exemptions on Machinery and Equipment are guaranteed just as there will be pioneer status incentive with tax holiday of seven years endorsed by the FIRS, 8% loan interest rate, assured by the CBN and repatriation of capital and profit also guaranteed by the CBN.
For the sports facilities for events, competitions and training which are open to concessionaires, other incentives lined up for investors are also on the cards for them.
And for the sports merchandise, incentives proposed include import duty and VAT exemptions on machinery and equipment under Chapters 84, 85 and 90 of the ECOWAS Common External
The document also shows that tariff, import duty concession on critical raw material, pioneer status incentive with tax holiday of seven years as endorsed by the FIRS plus 8% loan interest rate already approved by the CBN together with the repatriation of capital and profit.
The ministry has revealed that the motive of the Sports Industry Policy is to ensure sport plays a prominent role as an instrument of national unity and cohesion; promoting health and fitness through mass participation; and contributing to economic development and global recognition.
Therefore, the target is to create the enabling environment for sports to thrive as a business sector within the Nigerian economy, attracting maximum private sector investment in synergy with the government towards ensuring the development of sports at all levels.