Why The Nigerian National Sports Industry Policy 2022/26 Represents A Bold Statement Of Intent
Following years of discussion by the government and private sectors on how to revitalise the country's sports, the Federal Executive Council (FEC) on November 2, 2022 eventually approved the 2022-2026 'Sports as a Business' National Sports Industry Policy (NSIP or the Policy). This is a significant milestone for a number of reasons, the most crucial of which is the establishment of a long-overdue and much-needed enabling environment for sports business development through the implementation of 'Incentives for Investment in Infrastructure through Policy'. This milestone heralds a major turning point for the nation's sporting ecosystem, one that is anticipated to not only benefit sports as a commercial venture but also serve as a catalyst for increased sports professionalism, youth participation, and the adoption of innovative practices.
This article provides a unique legal evaluation of the Policy from the perspectives relevant to provide useful commercial information for a successful synergy with the private sector, as well as reinforce critical implementation ideas to ensure protection of impending investors and ensure the long-term collective achievement of a reinvigorated commercial sports powerhouse in the country. It examines:
- What does the NSIP envisage?
- Why sports legislation is so important for Nigeria
- Legislative clarity
- A sports-only oversight body
- Implementation of the Policy’s Incentives
- Practical suggestions for effective execution
- Other relevant considerations for enabling the Policy
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- Tags: Corporate | Dispute Resolution | Governance | Nigeria | Nigerian National Sports Industry Policy 2022_26 | Regulation
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Chiemeka F. Nwosu
I am a skilled lawyer with years of experience working in private practice on a range of commercial, corporate, regulatory and litigation matters. I also have in-house experience working with Apple - the largest technological company in the world.