Sports development in Africa has shown to be a crucial driver of economic success. A strong sports business may produce cash for both the government and the private sector while also creating jobs and attracting international investment.To maximize the potential of sports in promoting economic growth and social development, governments and private sector stakeholders in the continent are collaborating to invest in sports infrastructure, talent development, and competition hosting. A magma which has been proven through international competition like AFCON generating over 79.8 million dollars during the 2023 edition.
Africa’s expected sports business growth is driven by a young population and the emergence of globally successful athletes in several sports including football, basketball, and boxing, says Africa’s Sports Economy.The increased appetite for African talent is also motivating entrepreneurs across Africa to create systems and initiatives that monetize the sports industry, adopting business models in sports can attract brands to invest in African talent. The sponsorship funds derived from Competitions contributed significantly to this total, generating an impressive cumulative revenue of $79.8 million. To multiply these figures, African sports actors keep betting on infrastructure development and talent exposure.
Our people are the talents in Africa and we are not using it well, we don’t come together. Our borders should be open. We need to really think about this. We go to Ghana , Kenya is another rule, all hindering ourselves in Africa. Presidents must think about this, they need to think about talents , and be visionary like Kagame. I’m not saying this because he is my friend, No. Macky Sall took it to another level, now everybody wants to do something with their stadiums because it creates millions upon millions of jobs in the continent
Masai Ujiri, Professional basketball executive – Nigeria
The role of the international governing body of soccer, FIFA, which uses income from major international events such as the World Cup to invest heavily in the development of the sport in Africa. Its Fifa Forward program, for example, allocated 717 million dollars to 385 projects in Africa between 2016 and 2022. The funds went mainly to develop sports infrastructure, capacity building, and the organization of competitions. Other than the king sports, other disciplines such as basketball, rugby, volleyball, gymnastics amongst others has been at this peak in Africa through numerous competitions like the African games , organized after every four years, hence generating income and creating jobs to numerous africans.
When you are looking at how to make money, take a medium term look at it. Surely you need to invest in excellence. Do you have the product, the athletes , are they the best? yes . Is it what the global market is interested in yes; surely this should be the way we look at ourselves . When I look at the brochures and I read, the modules that say we qualify for funding are not here yet in Africa. Maybe we need to start looking at ourselves saying what is it Africans can do for Africa.
Herbert MENSAH, President of Rugby Afrique – Ghana
The African Union has put sports at the forefront of the Agenda 2063, to be a major boost in the economy as nations begin to invest in talents and infrastructure. Amidst the growing worldwide demand for African sports talent, entrepreneurs across the continent are pioneering innovative business models in the sports industry, creating opportunities for athletes to earn more money. The increased appetite for African talent is motivating African sports entrepreneurs to create systems and spearhead initiatives that monetise the sports industry, hence the need to invest in human capital.
We absolutely must be able to find innovative investment solutions that include both the public and private sectors. And we need to understand that sport is absolutely a commercial product and a spectacle, as they say in the United States, which generates extraordinary revenues. There are between 50 and 100 jobs available for young people in the sport value chain.
Will MBIAKOP, Executive Chairman, African Sports and Creative Institute (ASCI) – Cameroon
There is a worldwide effort led by FIFA and CAF to promote digital opportunities in sports. For example, FIFA’s new digital skills platform, launched in January 2023, aims to support the adoption of digital skills among member associations.These recent advancements put African sports tech companies in a favorable position to capitalize on the rapidly expanding global sports tech market, projected to reach over $40 billion by 2026, reports the African Development Bank.