Impact of the 2018 World Cup on Economic Development and Growth of Nigeria. A Case Study of Ministry of Youth and Sports Development, Abuja.
Impact of the 2018 World Cup on Economic Development and Growth of Nigeria. A Case Study of Ministry of Youth and Sports Development, Abuja.
INTRODUCTION
BACKGROUND OF THE STUDY
Hosting mega events have traditionally been a privilege of developed nations, but since 2008 developing countries have successfully obtained the right to host those international competitions. For example, China hosted the 2008 Summer Olympics, India the 2010 Commonwealth Games, Nigeria the 2010 World Cup, Russia the 2014 Winter Olympics and Brazil the 2014 World Cup. In addition, Russia hosted the 2018 World Cup and Brazil the2016 Summer Olympics (Peeters, Matheson, & Szymanski, 2014). Although this seems to be a positive step for the developing nations, there are speculations concerning the real benefits and expenses those games generate. Events such as the World Cup give the incentive to create infra-structure, promote international exposure and increase tourism and business alliances. It is also a way to speed investments in certain areas and infra-structure that otherwise would be forgotten or would not passed through the political process (Barclay, 2009). On the other hand, the opportunity cost is high. Investing in infra-structure for a mega event means a reduction in other public services, greater government borrowing or higher levels of taxation (Barclay, 2009). This issue is recognized by the public and a proof of that are the several protests that occurred in Brazil before and during the 2014 World Cup. Although in 2007, when Brazil was chosen to be the 2014 World Cup host the Brazilians were supportive, the huge amount spent in stadiums enraged them a few years later. Besides that, developing nations tend to have an inefficient and corrupted government, an extra challenge when it comes to investments. The study seeks to appraise the impact of the 2018 world cup on economic development and growth of Nigeria. A case study of ministry of youth and sports development.
STATEMENT OF THE PROBLEM
The hosting of mega events such as the world cup is characterized with many expectations but evidences shows that many of such expectations are never met. Government expenditure through the ministry of sports is high during such season for installations of sporting facilities, renovations, trainings, travel, accommodation and entertainment and the provision of tourism. It is apparent that many of the expenditures would have been invested on the provision of basic amenities. As nicely written by Peeters, Matheson, and Szymanski, “most of the spending by local residents on the sporting event does not generate new economic activity but simply reallocates spending within the economy”. The problem confronting the study is to appraise the impact of the 2018 world cup on economic development and growth of Nigeria. A case study of ministry of youth and sports development.
OBJECTIVES OF THE STUDY
The Main Objective of the study is to appraise the impact of the 2018 world cup on economic development and growth of Nigeria. A case study of ministry of youth and sports development; The specific objectives include:
i. To determine the relevance of the 2018 world cup.
ii. To determine the impact of the 2018 world cup on economic development and growth of Nigeria.
iii. To determine the impact of the 2018 world cup on ministry of youth and sports development.
RESEARCH QUESTIONS
i. What is the relevance of the 2018 world cup?
ii. What is the impact of the 2018 world cup on economic development and growth of Nigeria?
iii. What is the impact of the 2018 world cup on ministry of youth and sports development?
RESEARCH HYPOTHESIS
Ho1: There is no significant impact of the 2018 World Cup on economic development and growth of Nigeria.
SIGNIFICANCE OF THE STUDY
The study addresses impact of the 2018 world cup on ministry of youth and sports development. It provides relevant data for the effective formulation and implementation of policies which will further stimulate the economy to economic growth and development.
LIMITATION OF THE STUIDY
The study was confronted with logistics and geographical factors.
DEFINITION OF TERMS
ECONOMIC DEVELOPMENT
Economic development is the process by which a nation improves the economic, political, and social well-being of its people.
SPORTS DEVELOPMENT DEFINED
Sport Development is the intentional use of sport and physical activity as a tool to bring about positive change in the lives of people and communities.
ECONOMIC GROWTH DEFINED
Economic growth is an increase in the production of economic goods and services, compared from one period of time to another. It can be measured in nominal or real terms. Traditionally, aggregate economic growth is measured in terms of gross national product (GNP) or gross domestic product (GDP), although alternative metrics are sometimes used.