In the most populous African country, football is a sport of beauty, pride and spirit. As such, Nigeria is a crazed football country, with millions of football fans following international and local matches closely. To many Nigerians, football is not only their main source of entertainment but also a great business to those who harness it properly.
Over the years, Nigeria’s love affair with soccer has blossomed into an obsessive relationship with a significant economic impact. From almost every corner in Lagos, you can see men and women gathered in restaurants and local bars during league weekends, all hoping to catch the live-action. Even better, the country has had significant success on the international scale, and their national team has a huge support home.
Here are the major economic contributions of soccer to the Nigerian economy.
Besides providing direct employment to players, soccer is a source of income for many individuals inside and outside the pitch. In Nigeria, for instance, the construction and rehabilitation of soccer facilities by the government and other sponsors have employed the local community.
Besides the athletes, soccer fans can now earn a living with platforms like Betway online betting Nigeria, helping to curb poverty and unemployment issues affecting the country. Even better, Betway and other bookies have established roots in the region, employing more Nigerians.
Contribution to the GDP
According to the Federal government, sports contribute around 3% to the country’s GDP, with soccer being the largest contributor. As such, the government is looking to improve sports in the country by developing teams and athletes at the grassroots level. It’s no wonder Nigeria’s soccer exports to the international market have been on the rise in recent years.
Boosts the Local Economy
Starting with the construction of soccer stadiums, the local economy stands to benefit greatly from different activities. Even better, football facilitates local investments as different organizations are focused on supporting the game at the grassroots levels.
The Nigeria national league also supports the local economy giving jobs to local traders who supply different things during matches. These games are also hosted in different towns, helping to expose different communities to millions of fans who loyally follow the games.
In recent years, the global sports market has continued to grow as more investors continue looking at the game like any other business. With Nigeria being a major football giant in Africa, many foreign investors are now willing to sponsor different local teams in a bid to establish a mutually beneficial relationship.
While Nigeria’s football market has gone through a dark time in the past, the industry is slowly recovering as the media and foreign investors start focusing on the sport. As a result, different investors are now actively involved in training personnel, data capture, stadium management, and sports marketing.
Several soccer schools for developing young talents are rising, including the Pepsi academy and Kwara state football academy. However, there’s still a need for more foreign affiliation to help groom the talents available in the country.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.