9 months ago
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The Governor of Lagos State, Mr Babajide Sanwo-olu, has articulated his administration’s plan to explore the African gaming market, which is currently estimated to exceed $7bn.
Sanwo-Olu said this at the opening ceremony of the Africa Gaming Expo Lagos 2024 Themed ‘Exploring the Future of African Gaming Market, Emerging Trends, Prospects and Opportunities’ in Lagos on Wednesday.
Sanwo-Olu said, “For us as a government, we believe that the gaming industry would be a real engine of growth that can propel social order, economic development and re-define wealth within our various communities.
“As part of our commitment and a renewed determination to leverage the potentialities of the gaming industry, entertainment and tourism, the state government has recalibrated the trust of tourism through the government’s robust tourism masterplan and the tourism policy which is designed to make the sector not only a huge revenue earner but a model for economic growth regeneration as you have seen in other cities in Africa.”
According to the governor, the theme of the expo was not only apt but speaks directly to the key objectives, which the expo seeks to achieve in Africa.
“The overall objective of this historic gathering of all stakeholders and operators, game developers, investment bankers, venture capitalists, regulators are to discuss regulatory frameworks, emerging trends, challenges, and opportunities in Africa’s gaming market and its value chain,” he added.
Meanwhile, Sanwo-Olu noted that the expo would also provide a unique opportunity to review the different industry practices against global best standards and chart a new course for the future of gaming markets in Africa.
In his comments, the Chief Executive Officer of Lagos State Lotteries and Gaming Authority, Mr Bashir Are, noted that Governor Sanwo-Olu had been instrumental in fostering a conducive environment for innovation, growth, and responsible gaming practices.
Are thanked President Bola Tinubu for his innovative and visionary leadership in establishing the Lagos State Lotteries and Gaming Authority about 20 years ago, and he appreciated the efforts of valuable contributions of regulators from within Nigeria, across the African continent and beyond.
Are added that collaboration was essential in ensuring the integrity and sustainability of the gaming sector.
Also, the IGSA Europe Managing Director and President of the International Gaming Standards Association, Mark Pace, underscored IGSA’s commitment to player safety by centralising exclusion programmes, stressing the need for regulatory authorisation.
Pace said, “Enrolling in self-exclusion differs between land-based and online platforms, and operators must verify individuals’ exclusion status, tailored to their gambling behaviour. Proper implementation will deter unauthorised gambling.”
He stressed the significance of prioritising safety in advertising and acknowledged the ongoing debate surrounding gaming and gambling promotion.
He stated, “Integrity within the industry is crucial, with clear communication of laws and regulations ensuring product security.”
Pace noted that despite existing variations in country laws and cultural norms, the potential for significant harmonisation across jurisdictions, particularly in Africa, through the adoption of standardised regulations, would enhance market access.
