Sports industry valued at $5B in 2023

CAIRO - 10 November 2023: Sports industry is valued over $5 billion in 2023, policy advocate specialist, Phiwe Hlatshwayo, cited the global sports market report 2023.

Hlatshwayo affirmed that Africa's sports industry has potential to drive economic growth and development.

She emphasized the transformative power of sports in shaping Africa's future, elaborating that sports is a tool for social cohesion, equality, economic growth, and international cooperation.

Hlatshwayo highlighted during a speech, titled, “the business of sports in Africa” the economic impact of sports, citing examples like the 2010 World Cup in South Africa contributing significantly to the national GDP.

“The 2010 World Cup in South Africa contributed over $5 million to the national GDP. The 2010 World Cup also generated direct impact on labor with over that with 1000s of jobs being created through infrastructure construction, hospitality, which showed the potential for the business of sports to significantly shape Africa's economic future,” she stated.

Hlatshwayo referred to the challenges, saying that the continent faces challenges such as lack of financing, and reliable data. 

“It's imperative that we gather pertinent data to inform decision makers bridge the talent management gap. Investing in sports education and training in schools is vital to identify and nurture young talent,” she said.

She concluded the speech by sports has the power to build hope, unity, and cohesion in Africa.

This came during a presentation on the second day of  IATF2023 which is currently being held in Egypt from Nov. 9 to 15.

The IATF2023, which is the third edition of the Intra-African Trade Fair, provides a platform for businesses to access an integrated African market of over 1.3 billion people with a GDP of over $3.5 trillion created under the African Continental Free Trade Area, according to the African Union.