The global sports industry, valued at an estimated $2.65 trillion, is a dynamic economic force that Nigeria must fully embrace, according to Honourable Bukola Olopade, Director General of the National Sports Commission.
Speaking at the ongoing National Sports Festival in Abeokuta, Olopade highlighted the sector’s untapped potential to drive national development, projecting that it could contribute $3-4 billion annually to Nigeria’s GDP by 2027, equivalent to 5% of the nation’s economic output.
Olopade emphasized the festival’s immediate economic impact on Ogun State, citing the sale of over 10 million Adire fabrics in just 10 days as evidence of sports’ ability to stimulate local commerce. “Vendors are running out of stock, yet buyers keep coming,” he said, noting the surge in demand for local products. The event, hosting over 11,000 athletes alongside tourists, journalists, and fans, has also boosted the transportation and housing sectors, while small and medium-scale businesses thrive.
Illustrating the broader economic ripple effect, Olopade recounted an incident involving a local vendor selling amala for ₦2,000 per plate. Despite complaints about the price, customers flocked to her stall for its quality, showcasing the power of entrepreneurship and market demand. “This is a capitalist economy,” he remarked. “Sports creates jobs, builds lives, and uplifts communities.”
Olopade argued that sports-driven economic growth is more sustainable than government handouts, engaging youth in productive activities and fostering discipline. “I’ve seen young boys and girls helping their parents meet customer demands, contributing to Nigeria’s GDP while staying away from social vices,” he said.
Reflecting on Ogun State’s experience hosting the festival in 2006, Olopade noted that it created millionaires, underscoring sports’ proven economic impact. He urged stakeholders—media, entrepreneurs, and policymakers—to reframe sports as a multifaceted industry encompassing technology, health, education, and infrastructure. “Sports is life, as essential as breathing,” he declared.
With Nigeria’s sports sector generating $1.23 million in revenue in 2022, Olopade’s call to action is clear: Nigeria must treat sports as a serious driver of prosperity to unlock its full economic and social potential.