Despite the worsening economic hardship in Nigeria, more than 65 million Nigerians spend millions on betting, according to the Executive Secretary of the National Lottery Trust Fund (NLTF), Bello Maigari.
Speaking at the national gaming conference in Lagos, Maigari highlighted the exponential growth of the global online betting market, which is now worth over $50 billion.
Maigari stressed the significance of the betting industry and its potential to contribute to Nigeria’s economy. Nigeria’s betting industry generated over $2 billion in revenue in 2020, with over 60 million Nigerians aged between 18 and 40 spending $5.5 million daily on various forms of online gaming and betting. The industry could generate up to $4.7 billion in annual revenue, create 10 million jobs, and generate between 1.5-3% of GDP over ten years, according to a National Sports Industry Policy report.
Maigari called on the federal government to create a framework that encourages the industry to contribute to taxes in the country. He also highlighted the need for the industry to create a level playing field for local and international operators.
The betting industry is one of the fastest-growing sectors in Nigeria, driven mainly by the football culture and increased mobile and internet penetration. The National Lottery Regulatory Commission (NLRC) and the Lagos State Lotteries Board (LSLB) have issued over 100 betting licenses, and it is expected to experience an annual growth rate of nearly 10% to reach more than $366 million by 2027.