Utilising sports as a business catalyst

The President of the Toronto Raptors, Masai Ujiri, believes that Africa's sports industry has immense potential for growth, serving as a significant investment driver. Speaking to CNBC Africa's Kenneth Eqbomor at the Africa Investment Forum in Abidjan, Ujiri emphasized the critical need for financing to transform Africa's sports offerings. He highlighted the shift towards viewing sports as a business rather than just recreation, emphasizing the continent's wealth of talent and the necessity to develop infrastructure to propel the sports industry forward. Ujiri outlined his vision for leveraging distressed sports properties across Africa to create a robust sports ecosystem. He pointed out the mismanagement of stadiums and sports facilities on the continent, indicating a substantial opportunity for improvement and commercialization. By revitalizing these properties and fostering businesses around them, such as restaurants, job opportunities, and retail stores, Ujiri believes that Africa can unlock significant economic potential within the sports sector. Drawing inspiration from successful examples in countries like Senegal and Rwanda, where national stadiums have been transformed into vibrant hubs with surrounding amenities like hotels, restaurants, and sports stores, Ujiri underscored the importance of maximizing the value of sports infrastructure. He lamented the current state of many run-down stadiums across various African nations, urging for their renovation to support local talent and create thriving sports ecosystems. Moreover, Ujiri stressed the need for a holistic strategy to engage the African diaspora, particularly individuals who have excelled in sports and business globally and are eager to contribute to the continent's development. He emphasized the importance of collaboration and coordination to harness the potential of the diaspora community and align their efforts with Africa's growth agenda. Ujiri expressed optimism about the capabilities of the African diaspora, noting their remarkable achievements and strong desire to make a meaningful impact in their home continent. He called for open borders and increased cooperation to leverage the expertise and resources of the diaspora, tapping into their talent and passion for Africa's advancement. Recognizing the potential of Africa's youth as future business leaders, Ujiri highlighted the importance of empowering the next generation and building strong foundations for sustainable growth. In conclusion, Ujiri underscored the critical role of infrastructure development in catalyzing Africa's sports industry and nurturing a supportive environment for businesses, social impact, and community engagement. By investing in sports facilities, renovating stadiums, and fostering collaboration with the diaspora, Ujiri believes that Africa can unlock its sports industry's full potential and pave the way for a thriving ecosystem of sports and business opportunities.