In the heart of Marrakech, Morocco, from November 8-10, the Africa Investment Forum Market Days 2023 will shine a spotlight on sports as a burgeoning sector for economic growth across the continent. Initiated in 2018, this leading investment event has consistently highlighted the untapped potential of the sports industry as a lucrative business avenue in Africa. With the global sports market valued at $512 billion in 2023 and expected to ascend to $624 billion by 2027, the African segment is poised for an 8% growth rate over the next three to five years, as forecasted by PwC’s Global Sports Survey 2023.
Africa’s surge in the sports sector is propelled by its youthful demographic and the rise of globally acclaimed athletes in disciplines such as football, basketball, and boxing. The continent is distinguished by having the world’s youngest population, 70% of whom are under the age of 30, setting a vibrant stage for sports as a significant avenue for skill development, job creation, and entrepreneurial ventures.
The continent’s contribution to global sports, especially football, is noteworthy, with over 500 African athletes enriching European leagues, per KPMG. This infusion of talent has spurred entrepreneurs across Africa to innovate and capitalize on the sports industry, attracting investment and nurturing local talent.
Masai Ujiri, President of the Toronto Raptors and founder of the Giants of Africa Foundation, emphasizes sports as a transformative ecosystem for Africa’s youth, citing the multi-purpose utility of sports venues like the Scotiabank Arena in Toronto as models for generating substantial economic benefits through naming rights and diverse event hosting.
Ujiri’s Giants of Africa Foundation exemplifies the power of sports in empowering the African youth by providing high-quality basketball training and facilities. The foundation’s efforts, alongside endorsements by African sports legends and support from the African Development Bank Group, underscore the profound impact sports can have on personal development and community upliftment.
Further illustrating the sports sector’s potential is Rwanda’s strategic partnerships with international football clubs and investments in world-class sports infrastructure, positioning the country as a prime destination for sports and entertainment tourism. The BK Arena in Kigali, through its naming-rights deal with Bank of Kigali, showcases how sports venues can serve as hubs for major events, catalyzing economic and social benefits.
Masai Ujiri’s recent groundbreaking of Zaria Court in Kigali, aimed at creating a cultural and sports nexus, reflects a broader vision where sports act as catalysts for urban development and economic growth. Rwanda’s President Paul Kagame and Africa Investment Forum Senior Director Chinelo Anohu echo this sentiment, highlighting sports’ vast potential not just in infrastructure development but also in fostering unity and social cohesion across Africa.
As the continent gathers in Marrakech for the Africa Investment Forum Market Days, the focus on sports underscores a collective recognition of its role as a key driver of Africa’s economic future. This convergence of sports, business, and culture presents a compelling narrative for Africa’s path towards sustainable development and global integration.
