FG approves tax exemption, single-digit loan rates for investors

The Nigerian Government has approved tax exemption and rebate for 5 years and single-digit loan interest rates for sports investors under the National Sports Industry Policy (NSIP).

This was disclosed in a statement by the Federal Ministry of Youth and Sports at the end of the Federal Executive Council meeting held on Wednesday.

The statement said the National Sports Industry Policy (NSIP) was proposed by the Ministry of Youth and Sports Development.

This approval was given during its meeting on Wednesday, bringing to a positive end the efforts of the Sports Ministry under the headship of Minister Sunday Dare to get the policy document in place for the administration of sports in the country.”

More details of approved incentives: Some of the approved incentives as outlined in the policy document include the following-

Independent Government Grants through the establishment of an Independent Athletes Welfare Fund (AWF) from which athletes can draw support.

The move is expected to boost sports investments in Africa’s largest nation which has an underdeveloped sports infrastructure and has historically been underperforming at the Olympics.