Reforming the Nigerian Sports Industry

Introduction

In 2018, the global sports market reached a value of US$489 billion, growing at an annual rate of more than four percent (4%) since 2014, and is expected to grow at an annual rate of about six percent (6%) to almost US$614 billion by 2022. Investors, private and public, across the globe are actively seeking opportunities to participate in and reap the rewards of the expanding sports industry.

The business of sports cuts across, and drives a number of commercial activities including media and broadcasting, merchandising, tourism, hospitality, real estate etc. Investors in the sports sector have the option to explore the dynamic commercial ventures available within and in relation to the industry. Investor participation may take the form of equity participation in sporting competitions and sporting entities, sporting events management, purchase or lease of a sports asset, commercial partnerships and collaborations with sports organisations etc. Sports is also a labour-intensive industry; thus, a thriving sports sector leads to additional employment.