By Faith Anisiobi, The Sight News
The National Sports Commission (NSC) has unveiled a proposed ₦1 trillion National Sports Infrastructure Bond Programme, tagged Project RISE, to rehabilitate, modernize and expand sporting facilities across Nigeria.
The programme, which stands for Reimagining Infrastructure for Sporting Excellence, was unveiled at an inaugural All-Parties Meeting held on Wednesday, October 14, at the Moshood Abiola National Stadium, Abuja.
The proposed initiative includes an initial ₦400 billion Series 1 issuance to kick-start the financing framework, following President Bola Tinubu’s approval for the Commission to explore capital market funding for sports infrastructure development.
Speaking at the meeting, the Director-General of the NSC, 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 said Nigeria’s sporting potential must be matched by modern facilities to support talent identification, athlete development and high-performance training.
He explained that the initiative aligns with the four strategic pillars of the RHINSE agenda: Infrastructure, Investment, Incentives and Policy.
The Commission’s financial advisers, Plethoria Finance Group and BAS Capital Limited, presented the proposed financing structure, with their respective Group Managing Directors and Chief Executive Officers, Taiwo Oguntimehin and Abdullateef Hussaini, leading discussions on the programme.
Under the proposed framework, a Special Purpose Vehicle (SPV) would serve as the issuing entity, while repayment arrangements would include a Federal Government Irrevocable Standing Payment Order (ISPO), backed by a dedicated sinking fund account administered by trustees registered with the Securities and Exchange Commission (SEC).
The proposed bond issuance remains subject to the finalization of the transaction structure, relevant government approvals and compliance with applicable capital market regulations.
Representatives of financial institutions, issuing houses, investment banking firms, legal advisers and trustees participated in discussions on the financing terms, regulatory requirements and safeguards necessary for the programme’s implementation.
Priority projects under Project RISE include the rehabilitation and modernization 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.
According to the NSC, the proposed investments are expected to promote grassroots sports, strengthen elite athlete development, create employment opportunities and encourage private-sector participation across the sports value chain.
The Commission said the programme would reduce reliance on annual budgetary allocations by providing an alternative framework for mobilizing long-term capital for major sports infrastructure projects.
The meeting also outlined the next steps towards the proposed issuance, including finalizing the SPV structure, confirming transaction partners, preparing an execution timetable and securing the necessary government and regulatory approvals.
The NSC said further consultations would continue with its financial advisers and participating institutions to advance the proposed financing framework.
Project RISE is expected to provide a more sustainable approach to rebuilding Nigeria’s sporting infrastructure, expanding access to modern facilities and strengthening the country’s competitiveness on the international stage.
