Business
THE Minister of Special Duties and Intergovernmental Affairs, Hon. Zephaniah Jisalo, says the federal government will find a lasting solution to the friction caused by revenue collection in the gaming sector.
Jisalo made the call at the 2023 International Gaming Conference held at the Eko Hotels and Suites, Victoria Island, Lagos on Tuesday.
The News Agency of Nigeria (NAN) reports that the two-day International Gaming Conference with the theme: ‘Innovation and Disruption: Core Strategies for Success,’ had in attendance stakeholders of the industry.
Jisalo in his opening address, said the Ministry was not oblivious of the hitches in revenue collection in the gaming industry.
“The Federal Ministry of Special Duties is aware that the principal cause of friction between the federal and state regulators is revenue.
“However, we believe that all concerned can find a common ground for the good of stakeholders to enhance peace, harmony and progress.
“Therefore, the ministry suggests a ‘Shared-Value’ engagement to reach an amicable resolution of issues in the gaming sector rather than the ‘Jurisdictional Protection’ approach as the case is now,” he said.
Jisalo added that the logic behind the 2023 International Gaming Conference was laudable and deserved commendation from all stakeholders in the gaming industry.
“This conference is very strategic and timely as the Federal Ministry of Special Duties and Inter-Governmental Affairs looks forward to a fruitful outcome of this esteemed gathering via the Value-Added Communiqué.
“Recall, the National Lottery Regulatory Commission was created by the National Lottery Act 2005 (As Amended), to enable the federal government of Nigeria to properly organise and coordinate the operations of the lottery business in Nigeria that was hitherto an all-comers affair.
“Since then, the Commission has been on a steady growth path.
“This conference further demonstrates that the government under the leadership of President Bola Tinubu GCFR is charged with its Renewed Hope Agenda to ensure that stakeholders understand the importance the federal government attaches to the gaming industry.
Jisalo added: “The federal government will do all within its statutory powers to ensure the gaming industry remains on the steady path of sustainable growth and development.
“Furthermore, on this auspicious occasion, the Federal Ministry of Special Duties and Inter-Governmental Affairs would like to encourage all operators to remain compliant and all relevant agencies here present to strengthen your inter-agency collaborations.
“We will also see to consolidate the progress made so far in taking the gaming industry to greater heights. The outcome of this conference will be strategic to strengthening the future of the gaming industry,” he said.
Also, Mr Lanre Gbajabiamila, Director-General, National Lottery Regulatory Commission, said the gaming sector held the key to economic growth and was a potent tool for addressing the pressing issues of unemployment and low per capita income.
According to him, Nigeria has so much untapped potential, and its most precious resource is its population.
Gbajabiamila noted that the gaming industry had become more dynamic with technology, which he said created a digital era and fundamentally reshaped how people engaged and perceived the gaming industry.
“This transformation has brought challenges and opportunities, making it increasingly complex for any state to assert complete regulatory control, especially in light of the growing prevalence of online and remote gaming operators.
“We are at a pivotal juncture, standing at the crossroads of traditional gaming and the rapidly evolving digital realm.
“It is noteworthy that the Commission has dedicated countless efforts to formulate a regulatory framework that promotes fairness, safeguards consumers and fosters an environment where businesses cannot only survive but thrive,” Gbajabiamila said.
He said the commission had partnered with relevant agencies for a synergy to achieve this goal.
In his goodwill message, the Executive Secretary of the National Lottery Trust Fund, Dr Bello Maigari, said with a population of over 200 million people and the largest betting market in Africa, Nigeria was making giant strides in the world of online sports betting.
According to Maigari, the revenue from online market alone is projected to reach over 256 million dollars this year.
“It is expected to experience an annual growth rate of nearly 10 per cent to reach more than 366 million dollars by 2027.
“Currently, there are over 65 million Nigerians actively engaging in gaming activity, spending at least 15 dollars on the average everyday.
“This surge in digitalisation and the globalisation of the industry will both bring opportunities and challenges for the economic development of our nation,” he said.
Maigari noted that on one hand, gaming allowed Nigerians to access a wide range of entertainment options and at the same time contribute to job creation and economic growth.
Speaking on it the disadvantages, he said the industry raised concerns about revenue leakage, potential exploitation of citizens, hence the need for effective regulation.
On ways to resolve the challenges, Maigari said adoption of relevant technologies was essential for regulatory bodies to monitor and ensure fairness and integrity of gaming and betting operations.
Maigari explained that the industry also needed Artificial Intelligence to harness, detect and prevent fraudulent industry reports. (NAN)
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-October 31, 2023 @ 15:45 GMT |
Tags: Dr Bello Maigari Hon. Zephaniah Jisalo Mr Lanre Gbajabiamila National Lottery Regulatory Commission
