Uncovering Africa’s untapped sporting potential

With 80 per cent of the world being sports fans, the global sports sector is a powerful economic force contributing approximately 3 per cent to the world’s GDP. Africa is home to world-class athletes who have historically generated global wealth but have not seen this success reflected in the continent's sports industry, which currently only contributes 0.5 per cent to Africa's GDP. CNBC Africa's Flora Limukii recently spoke to Will Mbiakop, the Executive Chairman at Africa Sports and Creatives Institute, to gain insights into unlocking Africa's untapped sporting potential. Mbiakop highlighted the significance of viewing sports as more than just a leisure activity but as a means of income generation for African countries. The focus is on understanding the dynamics within the sports industry, identifying challenges and opportunities, and predicting future trends. The conversation delves into the ecosystem of sports in Africa, involving key stakeholders such as finance legend Tidiane Thiam and former FIFA leader Fatma Samoura. The discussion emphasized the need for Africa to position itself as a leader in sports income generation rather than merely producing talent for other leagues like the English Premier League. Mbiakop stressed the shift towards recognizing sports as a business, evident in the increasing investments throughout the continent. Notable examples include significant financial commitments to building sports infrastructure in countries like Senegal, Rwanda, and Kenya. In terms of investment opportunities within the African sports industry, Mbiakop highlighted five key areas. These include the lucrative sports tech sector, projected to reach $62 billion by 2024, and the potential for sports tourism to revolutionize the industry, particularly in Africa where it is a $200 billion industry. Additionally, focusing on fan engagement in a continent with a vast market and young population was identified as essential for future growth and monetization. The conversation also revolved around monetizing and structuring sports in Africa to maximize its income potential. Mbiakop emphasized the need for more data in the industry to understand the game better, calling for increased collaboration and information sharing. Growing the game involves lowering the cost of capital, improving access to finance, and developing skills to nurture the continent's human capital for sports business leadership. Innovation was highlighted as a key element in Africa's sports industry, presenting an opportunity to redefine the global sports arena with a unique blend of culture, art, and creative industry. By creating a new blueprint rooted in innovation, Africa has the potential to not only generate wealth but also influence the global sports landscape. From the insights shared by Mbiakop, it is evident that Africa's sports industry is on the brink of transformation, poised to shift from being a mere participant to a leader in the global sports arena. By harnessing its wealth of talent, investing in infrastructure, and embracing innovation, Africa stands to unlock its untapped sporting potential and showcase its prowess to the world.