Sports
Kroning sponsors WTT Contender to grow Nigeria’s GDP
Coronation Insurance Plc has joined forces with the World Table Tennis (WTT) Contender Tournament through corporate sponsorship to boost Foreign Direct Investment (FDI) for the country and improve the Gross Domestic Product (GDP) index.
Held from June 12-18, 2023 at the prestigious Sir Okoya Thomas Indoor Sports Hall in Surulere, Lagos, the global tennis competition will play host to notable players such as Nigeria’s own Quadri Aruna, who will face formidable opponents from China , Taipei , Korea, Germany, Portugal, Denmark, Egypt, Slovakia, Poland and Sweden.
The WTT Contender was introduced in 2019 by the international governing body, ITTF. This tournament is a prestigious event that showcases the participation of highly skilled professional table tennis players from different countries, both men and women, competing for the championship title.
The professional WTT tour has boosted the elite players’ base by allowing them to compete for incentives and points in the world rankings, while also allowing rising stars of the sport to work their way up the ladder. The WTT Contender Series will make its African debut in Durban, Lagos and Tunisia respectively.
During the media briefing in Lagos, the CEO spoke ofCoronation Insurance Plc, Mr. Olamide Olajolo stated: We are proud to be one of the sponsors of this event. We congratulate the LOC for organizing this wonderful event. Coronation Insurance Plc is one of the best insurance companies in Nigeria; that is why we have taken out insurance for all players in this tournament. We recognize that safety is very important to athletes. This is a partnership that will grow the sport. We will continue to explore more ways to support tennis and other sports in Nigeria.”
According to a report by the Center for the Study of the Economics of Africa (CSEA), the contribution of sport to Nigeria’s GDP remains low due to inadequate funding and investment. The report assesses the impact of sports on Nigeria’s GDP and shows that the entertainment and recreation sector contributed 0.19, 0.31, 0.33 and 0.35 percent to Nigeria’s GDP in 2019, 2020, 2021 and 2021 respectively. 2022.
Coronationis driven by its mission to provide transformational solutions for Africa through various human endeavors. Its products and services ensure self-sufficiency, financial independence, creation and preservation of wealth for the future.
So is the CEO of Life Assurance,Akinlolu Akinyele said: We are thrilled to be a part of this pioneering tennis celebration. Indeed, sports tournaments such as the WTT Contender Tournament can be used as a medium to democratize wealth creation and access, encouraging participation in all sports activities in primary, secondary and tertiary education institutions. These will help to make the sports sector more attractive for young people to pursue a career and profitable for companies.
He argued that sport can provide an important platform for young people to develop life skills that will enable them to better cope with the challenges of everyday life and make the transition from drug abuse, violence and crime.
Coronationisa leading financial services company helping to build lasting legacies leading to sustainable wealth creation in Africa.ItofferSa wide range of financial solutions for professionals, institutions and individuals across Africa and worldwide.It’s been establishedto help more people achieve financial well-being and prosperity.
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