The Sports and Youth Development Minister, Sunday Dare and the Minister of Finance, Zainab Ahmed have constituted a Technical Committee to work on the specifics of the incentives package approved in the ‘National Sports Industry Policy’.The Federal Executive Council passed the Policy on Nov. 2, 2022. A statement issued on Tuesday by Toyin Ibitoye, Special Assistant, Media, to the Sports Minister, Sunday Dare stated that both ministers would chair the committee. Ibitoye stated that the Committee would have representatives from the Ministry of Sports and Youth Development, the Ministry of Finance as well as the Central Bank of Nigeria. Others are the Federal Inland Revenue Service, the Ministry of Trade and Industry and the Nigerian Customs Service. “The Technical Committee is expected to work out the fine details of the fiscal incentives outlined in the policy, which emphasises ‘Sport as a business’, and also prepare grounds for more private sector participation in the sports sector.“ The approval to apply the Renovate Operate Transfer (ROT), Build Operate and Transfer (BOT), Integrated National Financial Framework (INFF), and Nigeria Integrated Infrastructure Master Plan (NIIMP) is also a novel aspect of the policy. “Any other innovative PPP financing model for the provision and rehabilitation of sports facilities in collaboration with the Ministry of Finance, Budget and National Planning is also an aspect of the policy.“ 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, single-digit loan interest rates for corporate organisations and private individuals investing in the sports value chain are the other incentives,” Ibitoye stated. He also added that an “Independent Government Grant” through the establishment of an Independent Athletes Welfare Fund (AWF) from which athletes representing the country can draw support for education and training was also part of the incentives.

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