The Lagos State Sports Trust Fund (LSSTF) is aiming to raise approximately N10 billion to support sports infrastructure and development across Lagos State. This initiative will be driven by a public-private partnership (PPP) model to ensure global standards in project delivery and sports development.
Otumba Femi Pedro, Chairman of the Board of Trustees of the LSSTF, made this announcement in Lagos. He emphasized that the Fund is designed with sufficient autonomy to protect it from government interference, ensuring its operations and goals remain focused on its core values.
Under the law establishing the LSSTF, government contributions to the Fund are set at 10 percent of the revenue generated by the Lagos State Lottery Board and one percent of internally generated revenue (IGR) from local governments within the state. However, Pedro highlighted that the Board’s strategy is to secure enough commercial revenue to reduce the government’s share of funding to 10 percent or less of the total generated funds.
To achieve this, the LSSTF is already in talks with corporate Nigeria on creating value for private sector participation in sports development projects. Pedro noted that the Fund aims to attract various contributors, including sports-focused organizations, corporate entities, development institutions, faith-based organizations, and sports enthusiasts.
“Our key focus is fundraising for sports development through the PPP model,” Pedro explained. “We are engaging potential funders through various forms, including donations, sponsorships, naming rights for sports facilities, branding of event venues, and fundraising events.”
The LSSTF has ambitious goals, including ensuring active sports participation by 10 million Lagosians, delivering at least 10 new sports infrastructure projects annually, developing 10 athletes each from 10 different sports, and training 10 coaches across various disciplines every year. This comprehensive plan aims to promote sports development at both grassroots and elite levels in Lagos State.
