Omotayo applauds Sports Industry Policy approval, wants NSC back
According to the Professor, the approval of the Policy is timely and a welcome development.
By Jennifer Okoye
A professor of sports Seun Omotayo has applauded the Federal Government for following up on the redesignation of Sports as Business by approving the National Sports Industry Policy (NISP).
According to him, the approval of the Policy is timely and a welcome development.
Omotayo noted that the tax exemption and rebate for corporate sports organisations shall make the Nigeria sports industry attractive for stakeholders and investors.
He used the opportunity to call on President Muhammadu Buhari to sign into law and put into effect the bills for the establishment of the National Sports Commission and the proposed Federal Sports University as backup institutions for the actualization of the Policy and practicability of the redesignation.
The Federal Executive Council has approved the National Sports Industry Policy (NSIP) proposed to it by the Ministry of Youth and Sports Development.
This approval was given during its meeting on Wednesday, bringing to a positive end the efforts of the Sports Ministry under the headship of Minister Sunday Dare to get the policy document in place for the administration of sports in the country.
Some of the approved incentives as outlined in the policy document include;
- A) Tax exemption and rebate for a period of 5 years for investors in the value chain of sports.
- B) Land provision and waiver for certain fees on lands meant for sports.
- C) Single digit loan interest rates for corporate organisations and private individuals investing in the sports value chain.
- D) 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.
- E) 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.
- F) Full operationalisation and enforcement of the sports Code of Governance.
