Lottery Sector Eyes Responsible Growth, Revenue Boost

Nigeria’s lottery sector is positioning itself as a significant contributor to national revenue, with industry leaders and government officials optimistic about the sector’s potential to fuel economic growth.

The gaming sector, which has been in existence in Nigeria since the colonial era, has not only provided a recreational pastime for Nigerians, but has also served as a veritable source of revenue for the government. Valued in the billions of Naira, the sector is increasingly recognised for its ability to drive financial returns through responsible gaming. According to Statista, an online industry research website, the revenue in the online gambling market alone is projected to reach $641.20 million in 2024, while revenue is expected to grow at an annual rate of 6.5 per cent.

In a similar vein, the casino market in Nigeria was rated as second largest in Africa, estimated to have a market value of $2 billion. In a survey carried out by TGM Research, it was revealed that nine percent of Nigerians bet every day; 33 percent a few times a week; 11 percent once a week and a notable 20 percent a few times a month.

To this end, the director-general of the National Lottery Regulation Commission (NLRC), Lanre Gbajabiamila, at the NLRC Stakeholders’ meeting and management retreat on Monday, in Lagos, highlighted the commission’s commitment to fostering an ethical and transparent gaming sector.

The event, he explained, aimed to build strong partnerships that will reinforce responsible gaming and help ensure that underage players are excluded while revenue is used effectively.

“We need synergy between operators and regulators. Without collaboration, there would be no foundation to safeguard a responsible lottery market in Nigeria.” – Gbajabiamila noted.

Minister of Special Duties and Intergovernmental Affairs, Zaphaniah Bitrus Jisalo asserted that there is a need to interact with stakeholders on how to change the negative narrative about the lottery and Gaming industry, as the economy of the country which has an exponential potential to drive the revenue to execute government projects and improve the lives of citizens.

He, however, urged the operators of the gaming industry to gear up and act as catalysts to increase the revenue drive of the nation. According to him:

“Some countries that don’t have oil generate revenues through this gaming industry which is well regulated and monitored by government agencies to ensure it is not infiltrated by criminal elements”

Consequently, executive secretary, National Lottery Trust Fund (NLTF), Comrade Tosin Adeyanju disclosed that the NLTF over the years have engaged in good causes with intervention in sports, education, health, humanitarian and disaster relief and distribution of materials for the vulnerable in society.

“The 2.5 per cent from the fund by the lottery operators is channelled to this intervention which is spread in the distribution of relief materials to communities across the nation”

Director general of the Advertising Regulatory Council of Nigeria (ARCON), Dr Olalekan Fadolapo, spoke about the importance of regulating advertising within the gaming industry, emphasising the need for Nigeria to adopt global best practices, particularly around online advertising and digital media regulation.

Source: leadership.ng

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Samuel

I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos.

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Samuel

I am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos.