The development shows how national strategy, infrastructure readiness, political commitment and the potential to generate tourism revenue can carry as much weight as economic size and sporting pedigree when countries seek to attract major international events.<\/p>\n
Abiola Rasaq, former head of investor relations and portfolio investments at United Bank for Africa (UBA) Plc, said Rwanda\u2019s approach to tourism, supported by its national Visit Rwanda campaign, had helped position the country as an attractive destination for international sporting and business events.\n<\/p>\n
Rasaq said tourism contributes about 10 percent of Rwanda\u2019s gross domestic product, compared with approximately 2.5 percent in Nigeria and five percent in South Africa.\n<\/p>\n
He argued that the differences reflect the extent to which Rwanda has integrated tourism into its economic planning.\n<\/p>\n
He said the country\u2019s strategy is anchored on the MICE model, which stands for Meetings, Incentives, Conferences and Exhibitions. The approach attracts high-value international visitors and generates spending across hospitality, transport and other services.\n<\/p>\n
According to Rasaq, visitor spending accounts for a significant share of Rwanda\u2019s foreign currency inflows, strengthening the sector\u2019s contribution to the wider economy and supporting the local currency.<\/p>\n
\u201cUnlike Nigeria, South Africa, Morocco, Egypt and other bigger countries, which seek to host the games but consider them less lucrative from a standalone short-term cost-benefit analysis perspective, Rwanda sees the opportunity in terms of the overall tourism opportunity and the benefits to its economy, particularly the prospects for repeat tourist visits,\u201d he said.\n<\/p>\n
Sayo Owolabi, founder and chief executive officer of Lagos Esports Forum (LESF) and secretary general of the Africa Esports Development Federation, said Rwanda\u2019s success in securing the Formula One agreement reflected something more important than economic size.\n<\/p>\n
He pointed to deliberate government commitment, a credible hosting plan and the ability to demonstrate that the country could deliver as major components in Rwanda\u2019s achievement.\n<\/p>\n
Read also:\u00a0Nigeria\u2019s sports sector attracts N50bn private investment as Helios expands portfolio<\/a><\/strong>\n<\/p>\n Owolabi cited Rwanda\u2019s involvement in the Basketball Africa League and its high-profile partnerships with English Premier League clubs under the Visit Rwanda campaign as examples of how the country has positioned itself internationally.<\/p>\n \u201cFirst of all, intentionality, and we can see that with Rwanda over the years, from Basketball Africa League to events across sport. I think there\u2019s an intention there to drive tourism,\u201d he said.\n<\/p>\n \u201cLet\u2019s talk about Visit Rwanda and what they\u2019re doing with Premier League clubs, which is also why Formula One would choose them. They\u2019ve become a tourism destination, and we all know that Formula One is beyond just the racetracks.\u201d\n<\/p>\n Both Rasaq and Owolabi argued that hosting a Formula One Grand Prix involves much more than building a circuit and staging a race. It requires a destination capable of delivering a wider experience for spectators, sponsors, teams and other visitors.\n<\/p>\n Owolabi pointed to Abu Dhabi and S\u00e3o Paulo as examples of destinations where the Grand Prix experience extends beyond the track, attracting visitors through tourism, hospitality and other commercial activities.\n<\/p>\n \u201cIt\u2019s about the lifestyle part of it, which is why the Grand Prix in Abu Dhabi and some of the other key cities, as in S\u00e3o Paulo in Brazil, drive this thing that\u2019s beyond the racetrack. So, it\u2019s not about the big economy,\u201d he said.<\/p>\n Rasaq said Rwanda assesses the value of hosting international events through their potential contribution to the wider economy rather than their immediate financial returns.\n<\/p>\n He linked the strategy to political alignment, arguing that sustained investment in tourism requires commitment from government and other stakeholders because the sector can take years to deliver significant returns.\n<\/p>\n He said Rwanda\u2019s approach reflects an alignment between its political leadership and wider economic objectives, while countries with less coordinated tourism strategies may struggle to sustain investment in projects whose benefits are not immediately visible.\n<\/p>\n Read also:\u00a0How Sports Betting Is Reshaping Nigeria\u2019s Digital Economy<\/a><\/strong>\n<\/p>\n Beyond tourism, Owolabi identified safety, government commitment and infrastructure planning as important considerations in securing major sporting events.<\/p>\n He said Rwanda had presented a clear roadmap for developing the facilities required to host Formula One, an important consideration given the scale and timeline of the project.\n<\/p>\n \u201cIf we can do that in Nigeria, South Africa couldn\u2019t prove that. The guys in Formula One would definitely go with who can show them a clear roadmap, because it\u2019s just four years away, in fact, less than four years away, and that\u2019s why I believe Rwanda won this,\u201d he said.\n<\/p>\n Owolabi argued that Rwanda\u2019s progress exposes a recurring weakness in Nigeria\u2019s approach to bidding for major international sporting events: the assumption that economic size, financial resources and available land are sufficient to secure hosting rights.\n<\/p>\n He said successful bids must demonstrate practical steps, detailed planning and credible delivery structures rather than rely on broad promises.\n<\/p>\n He also distinguished between the challenges facing Nigeria and South Africa. While South Africa has a stronger tourism profile, he argued that safety concerns remain a consideration for international visitors. Nigeria, meanwhile, needs to improve its tourism offering and address security concerns that could undermine its appeal as a major event destination.<\/p>\n Owolabi said his experience visiting Kigali reinforced the importance of public safety and the confidence visitors need when moving around a host city.\n<\/p>\n \u201cI\u2019ve been to Kigali. One of the things they say is you can go out at midnight, and I tried it out, and I wasn\u2019t mugged, and I felt safe. Even though I didn\u2019t know the local language, and I could only speak English and a bit of French,\u201d he said.\n<\/p>\n Rasaq also argued that political structures and competing national priorities can make it difficult for governments in countries such as Nigeria and South Africa to sustain investments in tourism projects whose returns may extend beyond their electoral cycles.\n<\/p>\n Read also:\u00a0NSC plans N1trn fund to transform Nigeria\u2019s sports infrastructure<\/a><\/strong>\n<\/p>\n \u201cThe dynamics of political and broader economic and social structures affect decisions and outcomes on subjects of this nature,\u201d he said.<\/p>\n Beyond the immediate tourism benefits, Owolabi believes Nigeria could have used a Formula One Grand Prix to stimulate a new generation of motorsport talent and develop a wider sports economy.\n<\/p>\n He said the presence of a world-class racing event could inspire young Nigerians to pursue careers in motorsport, potentially creating pathways for future drivers and other professionals in the industry.\n<\/p>\n \u201cHow about the new sports economy? We don\u2019t even have a Nigerian Formula One driver. What if this was something that would inspire a Nigerian Formula One driver in a few years?\u201d he asked.\n<\/p>\n Using basketball as an example, he recalled how Nigerian-born Hakeem Olajuwon\u2019s rise to prominence in the NBA helped raise the sport\u2019s profile and gave young players a role model to emulate.\n<\/p>\n A Formula One Grand Prix in Nigeria, he argued, could have provided a similar reference point for aspiring racers.<\/p>\n \u201cPersonally, that for me is even bigger than tourism, because it means we can have a reference point. You birth two, three talents, that means you can birth another 10 of that over time, because there will be people you\u2019re looking up to,\u201d he said.\n<\/p>\n He also argued that the benefits of hosting the event would extend beyond the race weekend if Nigeria developed a long-term plan for using the infrastructure.\n<\/p>\n Rather than allow a circuit to become underutilised after international organisers and teams leave, he said Nigeria could explore ways to sustain motorsport activities, including developing a domestic racing series.\n<\/p>\n Read also:\u00a0Nigerian sports icons deserve greater honours<\/a><\/strong>\n<\/p>\n \u201cSo, when we build the track, and it\u2019s there, what do we do? It\u2019s when everybody packs up and leaves in 2030. So can we now have a local Formula One league or something where we engage that track while we wait for next year?\u201d he said.<\/p>\n The wider economic impact, he added, would include opportunities for hotels, transport operators, private security firms, chauffeurs, car hire companies, volunteers, advertisers and branding agencies.\n<\/p>\n \u201cDo you know how many volunteers would have been involved? Do you know how many hotels would have been engaged during that period? Do you know how many support services, chauffeurs, private security companies, private car companies, and many more that we can talk about, branding, advertising,\u201d he said.\n<\/p>\n He described the potential benefits as a ripple effect across several sectors, arguing that a major sporting event can generate economic activity well beyond the competition itself.\n<\/p>\n Rwanda\u2019s Formula One agreement demonstrates how a clear national proposition, sustained government commitment and long-term investment planning can help turn international sporting events into instruments of tourism promotion and economic development.\n<\/p>\n Head of Sports at BusinessDay Media, a seasoned Digital Content Producer, and FIFA\/CAF Accredited Journalist with over a decade of sports reporting.Has a deep understanding of the Nigerian and global sports landscape and skills in delivering comprehensive and insightful sports content.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n Source: <\/p>\n Nigeria and South Africa may have larger economies, bigger populations and more established sporting profiles than Rwanda, but these advantages have not translated into comparable success in attracting major international… <\/p>\n","protected":false},"author":1,"featured_media":10572,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/10571","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=10571"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/10571\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media\/10572"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=10571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=10571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=10571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Tourism strategy extends beyond the racetrack<\/h3>\n
Infrastructure and security contribution<\/h3>\n
Economic opportunities beyond the race<\/h3>\n
Related News<\/h4>\n<\/p><\/div>\n
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