By Ibrahim Danladi

Bello Maigari, the Executive Secretary of the National Lottery Trust Fund (NLTF), has highlighted the significant role of the betting industry in Nigeria, where millions of citizens actively participate in online gaming and betting activities, spending an average of $15 daily. He emphasized the immense growth of the online betting sector in the country, with over 65 million Nigerians engaging in this activity, making it the largest betting market in Africa.

Maigari pointed out that the global online betting market was estimated to be worth over $50 billion, with the Nigerian sector contributing significantly to this figure. He projected that revenue from the online betting sector in Nigeria alone is expected to reach over $256 million this year and is anticipated to grow at an annual rate of nearly 10%, reaching more than $366 million by 2027.

To capitalize on this industry’s growth and ensure fair contributions to the country, Maigari suggested the implementation of a taxation framework for the gaming and betting industry. He emphasized the need for clear and equitable tax regulations that would encourage both local and international operators to operate within the country’s regulatory framework. By imposing taxes on the sector, the government could create a level playing field for operators while benefiting from their presence and ensuring the welfare of its citizens.

Furthermore, Maigari highlighted the NLTF’s contributions to essential national projects in areas such as health, education, water and sanitation, humanitarian aid, and natural disaster management, demonstrating the potential positive impact of revenue generated from the betting industry on the country’s development and well-being.