Former Minister of Works and Housing, Babatunde Fashola, has called on governments at all levels to stimulate private investment in sports through incentives such as tax credits, duty waivers, and other fiscal policies.
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Speaking on Sunday at the University of Lagos (UNILAG) during the launch of veteran sports journalist Mumini Alao’s autobiography, Fashola described sports development as the “solution hiding in plain sight” to tackle Nigeria’s youth unemployment crisis.
He noted that Nigeria is home to about 40 million micro, small, and medium enterprises (MSMEs), which represent a “large asset” that could be mobilised to fund sports development if the right fiscal policies are implemented.
“Each state where these businesses are located can stimulate them to invest in sports based on fiscal policies like tax credits or tax holidays,” Fashola said. “Ownership of these businesses can be attracted to invest in existing clubs – for advertising and broadcast rights, for example.”
He emphasised that federal, state, and local governments must work collaboratively, using tools such as tax incentives, import duty concessions, and targeted policies to stimulate investment in sports infrastructure, equipment, and sponsorship.
On football, the former minister advocated for the privatisation of state-owned clubs in the Nigeria Premier Football League (NPFL), where 80% of the teams are government-run.
“It is time for state-owned football clubs to be privatised – not for self-serving purposes, but to real business and sports-minded concerns and supporters who will have corporate governance and be subject to audits and company laws,” he said.
Currently, only four of the NPFL’s 20 clubs are privately owned.
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