By Joel Ajayi
The National Sports Commission (NSC) has unveiled Project RISE, a proposed ₦1 trillion National Sports Infrastructure Bond Programme designed to rehabilitate, modernise and expand critical sporting facilities across Nigeria.
The initiative, which stands for Reimagining Infrastructure for Sporting Excellence, was presented at an inaugural All-Parties Meeting held on Wednesday, October 14, at the Moshood Abiola National Stadium, Abuja.
The meeting brought together investment banking institutions, issuing houses, legal advisers, trustees and other capital market professionals to discuss the proposed financing framework.
The programme follows President Bola Ahmed Tinubu’s approval for the Commission to explore capital market funding as part of efforts to address the country’s longstanding sports infrastructure deficit.
The proposed programme has a target value of ₦1 trillion, with an initial ₦400 billion Series 1 issuance planned as the first phase.
Speaking at the meeting, NSC Director-General, Hon. Bukola Olopade, described Project RISE as a major component of the Renewed Hope Initiative for Nigeria’s Sports Economy (RHINSE), which seeks to position sports as a driver of economic growth, employment, youth development and international competitiveness.
Olopade stressed that Nigeria’s sporting potential must be matched by modern facilities capable of supporting talent identification, athlete development and high-performance training.
He noted that many promising athletes still lack access to quality sporting infrastructure, adding that the initiative would expand opportunities for young Nigerians to develop their abilities and compete at the highest levels.
He said Project RISE aligns with RHINSE’s four strategic pillars: Infrastructure, Investment, Incentives and Policy.
The meeting was facilitated by the Commission’s financial advisers, Plethoria Finance Group and BAS Capital Limited, led by their respective Group Managing Directors and Chief Executive Officers, Mr Taiwo Oguntimehin and Mr Abdullateef Hussaini.
Oguntimehin outlined the opportunity to mobilise long-term capital for sports infrastructure, while Hussaini presented the proposed financing structure, funding arrangements, security mechanisms, use of proceeds, implementation timetable and regulatory requirements.
Under the proposed framework, a Special Purpose Vehicle (SPV) would serve as the issuing entity responsible for raising and deploying funds towards approved projects.
The repayment arrangement is expected to include a Federal Government Irrevocable Standing Payment Order (ISPO), supported by a dedicated sinking fund account administered by trustees registered with the Securities and Exchange Commission (SEC).
However, the proposed issuance remains subject to finalising the transaction structure, obtaining relevant government approvals and meeting applicable capital market regulations.
Priority projects identified by the Commission include the rehabilitation and modernisation of the National Stadium, Surulere, Lagos, and a comprehensive overhaul of the MKO Abiola National Stadium, Abuja.
Other proposed interventions include sports centres across the six geopolitical zones, facilities in tertiary institutions, high-performance training centres, a National Aquatics Development Centre, sports medicine and rehabilitation facilities, and a National Sports Digital Transformation Programme.
The Commission envisages multifunctional facilities capable of hosting elite competitions, grassroots activities, entertainment and tourism, while creating opportunities for employment, enterprise development and private sector participation.
Participants examined the proposed transaction structure, repayment safeguards, regulatory requirements and implementation arrangements. Institutions represented included Chapel Hill Denham, PAC Capital, AIICO Capital, United Capital Group, AVA Capital, Centrum Finance and several legal, advisory and trustee firms.
Key next steps include finalising the SPV structure and incorporation documents, confirming transaction parties, preparing an execution timetable and advancing approvals relating to the proposed ISPO, the Debt Management Office and the SEC.
The next phase will involve further coordination between the NSC, its financial advisers and participating institutions to advance the proposed issuance.
If successfully implemented, Project RISE could provide a more sustainable financing model for major sports infrastructure projects, reduce dependence on annual budgetary allocations and strengthen Nigeria’s sports economy.
The Commission said the initiative would support the restoration of critical sporting assets, expand access to modern facilities and create a stronger foundation for developing future champions.
