In a bid to make sports a major contributor to the nation’s GDP, the National Sports Commission (NSC) is exploring the benefits of Formula 1 Motorsport. This was the crux of a meeting between a delegation of Opus Racing Promotions, Formula 1 representatives, and the National Sports Commission Chairman, Mallam Shehu Dikko, at the NSC Secretariat on Thursday.
The delegation, led by former Nigerian international footballer Daniel Uchechi, outlined the benefits of putting in place the Formula 1 Architecture and hosting F1 races. “This F1 Architecture is not just for races. It is an event center, and you have loads of people with cars coming here to express themselves from January to December,” he said.
Uchechi added, “For Miami in a weekend, they make $2.5 billion. That is just a weekend of F1 race in Miami, just one city. Nigeria is bigger than Miami. You can then imagine what that will do for the Nigerian economy… Legally, we can make $3.5 billion every year.”
The benefits of hosting F1 extend beyond revenue generation, according to Uchechi. “Technologically, the benefits are immense. And talking about tourism, it will attract celebrities and all sorts of potential investors and visitors. It’s an opportunity to project Nigeria in a positive way.”
Mallam Dikko expressed Nigeria’s readiness to be the first African country to host the Formula 1 Motorsport in over three decades. “The day Rwanda threw in a bid, I was speaking with a big industry player in the country, and he asked me why Nigeria won’t bid,” he said.
The NSC Chairman emphasized that hosting F1 aligns with the Commission’s plans to host international tournaments across all sports. “We are taking a road less traveled. We are doing things anew in this country in the sports reforms we are embarking on in line with the Renewed Hope Agenda and Shared Prosperity vision of our dear President Bola Ahmed Tinubu GCFR.”
The NSC is committed to exploring all possibilities to host the Formula 1 Motorsport, which aligns with its RHINSE programme. “We have a mandate from Mr. President to harness the potentials of sports economy in a sustainable way,” Mallam Dikko said.
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