The federal government through the Federal Ministry of Youth and Sports Development (FMYSD), has signed a memorandum of understanding with the organized private sector represented by the Nigeria Economic Summit Group (NESG), in order to reform and develop the country’s sports industry as well groom youths.
The MOU signed in Lagos on Tuesday is significant as the first of its kind. In his address, Sunday Dare, minister for youth and sports development said over the years, the funding gap has remained an issue constraining the growth of the sports industry and this is further worsened by the government’s dwindling resources, however, the narrative can be changed with the inclusion of the organized private sector.
“The sports industry demands a review of its current situation where it is viewed and treated as a social service when in reality it is a multi-billion-naira industry
a chance for private sector participation and ownership of the business associated with sports, is an opportunity that is demanding attention in the face of shrinking resources.” The minister said.
Speaking on the partnership, he said the NESG as an important stakeholder in the economic development of Nigeria is always ready to provide strategic inputs to policy while helping to reshape the thinking in government activities, therefore, their partnership with the ministry is a welcome idea.
“We intend to move from concept to action, and today we are giving a bite to that intention by signing this MOU. It is one of the key pillars upon which everything else rests. As a confidence-building indicator, it signals to the private sector that the government is ready.
There are key takeaways we are driving towards the establishment of the Nigeria Sports Industry Policy, which will eventually culminate in an Act of the National Assembly that will spell the rules and regulation on the playing field. As a Government, we believe that when we have and implement the right policies to drive social engagement and inclusion as well as economic development, the sports industry in Nigeria is capable of harnessing the economic power of the youth through engagement in sports.” He added.
In his address, Niyi Yusuf vice chairman of the NESG said the strategic partnership is aimed at reforming, repositioning and developing the sports industry and also growing the economy.
Speaking on events preceding the signing, he said a lot of activities have been going on between both parties all geared towards the growth and development of the country in all areas.
Some of the activities centered on conference, roundtable discussions, Establishment of a Sports Industry Thematic Group (SITG) at NESG to drive the technical work required to develop a road map for the reform and repositioning of the sports sector in Nigeria as a viable business industry, establishment of The Eminent Focal Group (EFG) as the resource arm to drive the work of the thematic group in the development of sports industry, among many others.
“These envisaged milestones form the cornerstone of the NESG/FMYSD collaboration to ensure that we are jointly successful in driving new revenue and employment streams for the socio-economic development of Nigeria which has been successfully done in many other countries,” Yusuf said
