The National Lottery Regulatory Commission’s Director-General, Lanre Gbajabiamila, has reiterated the government’s resolve to tackle the difficulties inhibiting the nation’s gaming and lottery industries from growing. This was said in Lagos, Western Nigeria, during the 2023 NLRC International Gaming Conference.
The event which is held bi-annually had key industry players from within and outside the country, government representatives, regulatory bodies, and other stakeholders.
The focus was to explore and embrace the potential of the gaming industry which is believed to be the key to Nigeria’s economic biodiversification drive.
There is need to constanstly adapt and evolve in this dynamic enviroment is crucial for the industry and our nation. We endeavor to enhance the strategies for success that reasonates with the dynamic gaming landscape.Lanre Gbajabiamila, Director-General National Lottery Regulatory Commission
If the gaming and lottery industry receives the necessary support, Gbajabiamila believes it has the potential to expand the nation’s economy.
He went on to say that in order for the industry to fulfill its share of the economy’s growth, it is time to propel it to new heights.
The gaming sector we believe holds the key to economic growth and it is a potent tool for addressing the pressing issues of unemployment and low per Capita income.Lanre Gbajabiamila
According to him, technology has made gaming more dynamic and reshaped how people engage and perceive the industry, calling on all stakeholders to leverage the digital era to revamp the industry.
The digital era has fundamentally reshaped how we perceive and engage in the gaming industry. This transformation has brought challenges and opportunities, making it increasingly complex for any state to exert regulatory control. Regulatory bodies and stakeholders must adapt to this new landscape to ensure the continued integrity and security of the gaming industry.Lanre Gbajabiamila
Due to Nigeria’s population, it is perceived to be Africa’s largest betting market and it is projected to have a revenue of $250 million from online sports betting by the end of 2023.
During the event, speakers were concerned by revenue leakages and potential exploitation and the need for effective regulation.
I would suggest our industry should leverage data and analytics and artifial intelligence to harness, detect and prevent fraudulent activities such as match fixing and cheating on online games.
With growth of online games and betting, there is a significance opportunity to increase tax revenue for our nations.Bello Maigari, Executive Secretary National Lottery Trust Fund
Zephaniah Jisalo, Minister of Special Duties and Intergovernmental Affairs, urged greater cooperation between industry operators in order to guarantee the gaming sector’s continuous expansion throughout the nation. NLRC Gaming Conference Nigeria
Government will do all it’s executive power to ensure that the gaming industry remain on the steady growth. I encourage all the operators to strengthen their collaboration to consolidate the progress made in taking gaming industry to greater heights.Zephaniah Jisalo, Minister of Special Duties and Intergovernmental Affairs
Rachel Volberg, an American participant emphasized the importance of credibility in order to prevent unfavorable effects on others.
’I’m more interested in how lotteries and gamings can reduce and minimize over involvement. It has to be done carefully so that it doesn’t affect people negatively.Rachel Volberg
All presentations from different speakers at the event will form the basis for later deliberations for a thriving and secure gaming industry that not only entertains but also contributes significantly to economic growth and well-being.
They also featured exhibitions of various gaming and betting companies