Commercialization Africa's sports industry

Africa's sports industry is on the cusp of a significant surge, with countries across the continent making substantial investments in new stadiums, training facilities, and other infrastructure projects. Despite these developments, challenges remain in commercializing the industry and increasing its share of the GDP compared to the global sports economy. The Executive Chairman of ASCI, Will Mbiakop, shed light on the potential and the obstacles facing Africa's sports industry in a recent interview on CNBC Africa. Mbiakop emphasized that while the global sports industry has been growing at a steady pace of 5% annually over the past two decades and represents 2-3% of the world GDP, Africa's sports sector currently only accounts for 0.5% of the continent's GDP. However, there is a palpable momentum building up in the region, driven by increased investments across various segments of the sports value chain. These investments encompass infrastructure development, talent nurturing, merchandising, and media expansion. From the construction of state-of-the-art arenas like the Kigali Arena and Dakar Arena to the establishment of football academies and the emergence of new media platforms, Africa is positioning itself to leverage its abundant sporting talent and youthful population to carve a more prominent space in the global sports arena. One of the critical challenges facing the continent's sports industry is the risk of investing in infrastructure projects that could potentially turn into white elephants post-events. Mbiakop underscored the importance of strategic planning and sustainability in infrastructure development. He stressed the need for stakeholders to understand the dynamics of the sports industry, formulate coherent strategies, and ensure that infrastructure projects translate into long-term assets that benefit the local population beyond hosting events. Moreover, Mbiakop highlighted the significance of collaboration with various stakeholders, including broadcasters and sponsors, to monetize sports content effectively and maximize revenue generation opportunities. With Africa's burgeoning population of 1.4 billion, characterized by a youthful demographic with a voracious appetite for sports content, the region has immense potential to redefine sports media consumption and capitalize on the digital revolution sweeping across the continent. Looking ahead, decision-makers and stakeholders in Africa's sports industry are urged to prioritize infrastructure development, invest in human capital, and leverage sports as a unique asset class that not only drives revenue but also fosters social impact. Mbiakop emphasized the multifaceted benefits of sports, ranging from economic empowerment to population development and nation branding. As countries like Rwanda aspire to establish themselves as sports hubs and other nations craft their respective visions for the sports sector, the key lies in recognizing the transformative power of sports as a catalyst for sustainable development and global influence. By tapping into Africa's rich sporting heritage and harnessing the potential of its burgeoning sports ecosystem, the continent is poised to unlock new opportunities and cement its position on the global sports stage.