Michael Eja, Director General of the Cross Rivers State Lottery and Gaming Agency, revealed that approximately 60 million Nigerians engage in gambling activities daily.
During the launch of Woskybet, a novel sports betting platform, in Abuja on Friday, Eja highlighted the thriving state of Nigeria’s gaming industry, which is currently valued between N500 billion and N600 billion.
Eja noted that over 90 percent of the industry’s potential remains untapped.
Eja provided context for the industry’s growth, citing Africa’s betting market worth approximately $1 billion.
Specifically, Lagos State generated $243 million in revenue last year, demonstrating the significant financial impact of gaming. As awareness about the benefits of regulated gaming increases, the industry continues to expand.
“Nigeria, with its population of over 150 million, presents a vast market for gaming. Our statistics indicate that around 60 million Nigerians participate in daily gambling activities. However, we have yet to capture 90 percent of this market,” Eja explained.
Addressing concerns raised by the Federal Government regarding gambling centers failing to remit revenue to the treasury, Eja acknowledged the government’s efforts to enhance platform infrastructure. This aims to ensure that gaming operators contribute to the tax base of each state in Nigeria.
“The government is working diligently to upgrade platforms and bring all operators into the tax net. As this progresses, the substantial revenue generated by the gaming industry will become increasingly evident,” Eja stated.
