The Nigerian football industry and the general sports ecosystem is set for a sustainable global reckoning with the launch of the N5 billion The Nigeria Football Fund (TNFF) and the signing of a Memorandum of Understanding (MoU) between the Nigeria Football Federation (NFF) and GTI Group, the investment banking and finance group behind the TNFF.
The formal launch of the TNFF and signing of MoU between GTI Group and NFF took place in Lagos at a ceremony presided over by Former Deputy Governor of Lagos State, Otunba Femi Pedro.
The Vice President Nigeria Football Federation (NFF), Mr. Seyi Akinwunmi, who spoke on behalf of the Federation, said TNFF will herald a lot of greatness in the Nigerian sports industry with several multiplier effects on the economy, security and youth employment.
“There is a lot in the league in Nigeria, it’s just that it’s not bringing the money that it should, and money makes sport. There is no business if business is not going on at a macro level, and this TNFF will change the narrative completely because once there is investment in infrastructure, the sports business will boom. For example, we have 20 league clubs, 18 of them are owned by government, when private sector comes in and does what it should through adequate and efficient financing, there will be employment, there will be creativity, money will flow and then higher standards will be created,” Akinwunmi said.
The former Deputy Governor of Lagos State and Chairman of Lagos State Sport Trust Fund, Otunba Femi Pedro said the TNFF has come to fill the missing link in the development of Nigerian sports.
“This is an historic occasion, a milestone in the development of Nigerian sports. I have no doubt that this will unlock the potential of the sports ecosystem. I personally endorsed this project. There is no shortage of investment assets in the sports industry and I’m sure investors will get good returns,” Pedro said.
He added that: “I consider this very creative because the missing link has always been money. We have the people , the talent, the passion, resources and everything you can think of, but we don’t have a managerial funding to actualize our dream. I have no doubt in my mind that people will subscribe to this investment. It’s a means of creating wealth. I call on all Nigerians to support this.”
Group Managing Director, GTI Group, Mr. Abubakar Lawal, said TNFF will serve as an enabler for sustainable funding of football and other sports, with a target of growing sports’ contribution to national Gross Domestic Product (GDP) to 0.5 per cent within the next five years.
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“The way it will affect the economy is monumental. First of all, you have a vehicle that people will pool money across the globe and what it does is that natural structure will emerge on the back of this. TNFF is an enabler, the project is massive such that employment will be created, liquidity will be provided, infrastructure will be delivered, insecurity will be managed, economy will develop from this experience.
“If you look at the prospectus, we have a target; in five years, this project should enable sports to contribute 0.5 per cent of the GDP, that is massive. The GDP as of today is between $450 billion and $500 billion without rebasing. Nigerians will soon begin to see, this is a way to start the rebranding and restructuring of Nigeria, creating a plain-level field, fresh opportunities for Nigerians. A new asset class is born,” Lawal said.