The federal government will soon acquire a central monitoring system (CMS) for the country’s gaming industry for better performance and better revenue generation.
The Minister of Special Functions and Intergovernmental Affairs, Senator George Akume, made this known during the opening of the first national gaming conference organized by the National Lottery Regulatory Commission (NLRC) on Wednesday in Lagos.
The theme of the two-day conference was “Repositioning the Gaming Industry for Better Performance and Revenue Generation for Stakeholders in the 21st Century”.
Akume said the acquisition of CMS, which was already in the 2021 Funding Act, would allow the Commission and its sister agency, the National Lottery Trust Fund, to perform their regulatory functions to the fullest and provide good lottery causes in Nigeria.
“The CMS is desperately desirable to allow the government to block the leaks encountered in the gaming industry as well as to eliminate the discrepancies often seen in the books of some operators.
“This will undoubtedly increase transparency and accountability in the industry, making it much easier for all stakeholders,” said the minister.
Speaking on the Nigerian economy, Akume noted that the COVID-19 crisis has further exacerbated the economic downturn which has created an urgent need for the government to expand and strengthen its revenue streams.
“The federal government urgently began to look beyond oil and gas to generate revenue to support the Nigerian economy.
“We all know that poverty is the main cause of youth unemployment, civil unrest and insecurity, which is why large funds are needed to address these issues,” Akume said.
Le noted that the Nigerian gaming industry is well positioned to play a key role in funding government poverty reduction programs and other public policy causes.
Akume said this government has informed the most urgent need to expand the economy and improve the sources of disposable income.
“As we all know, the Lotteries Commission was established in 2005 by law of the National Assembly to enable the government to properly organize the functioning of lottery activities in Nigeria.
“Several stakeholders have made efforts to generate revenue for the government through the lottery, however, it is sad to note that lottery revenues continue to fall short of the industry’s potential due to conflicting issues. ‘interests,’ he said.
According to him, reports indicate that the Nigerian gaming industry, including international stakeholders, brought in more than 250 billion naira in 2019, noting that government revenues did not exceed one billion naira in the same year. .
In his welcome speech, Mr. Lanre Gbajabiamila, CEO of the NLRC, said the commission will work with industry stakeholders and government officials on amending existing lottery laws.
Gbajabiamila said the amendment would provide a legislative and regulatory framework that would best serve the industry.
“It is common knowledge that the industry has evolved and adopted technology to optimize so much that existing laws do not reflect the reality or trend of the Nigerian gaming industry.
“We are optimistic that before the end of the year, the National Gaming Bill 2021 will be enacted,” he said.
Gbajabiamila also noted that to reposition the gaming industry for better performance, stakeholders could not afford to work against the grain, adding that it was necessary to work for a common cause. (NAN)
