House of Representatives Speaker, Rt. Hon. Tajudeen Abbas, has commended the lottery sector for its significant contribution to Nigeria’s revenue generation and economic growth, generating N200 billion in 2023. Abbas gave this commendation at the book launch of Lanre Gbajabiamila, Director General of the National Lottery Regulatory Commission (NLRC), titled “Mr. Lottery: The Story of Lanre Gbajabiamila at 60” [1).
Represented by Deputy Speaker Benjamin Okezie Kalu, Abbas praised Gbajabiamila’s leadership, highlighting the sector’s impact on education, healthcare, infrastructure, innovation, and job creation. He assured continued parliamentary collaboration to develop the lottery industry for Nigeria’s prosperity.
The lottery sector’s N200 billion revenue is a notable contribution to Nigeria’s economy, especially considering the country’s overall internally generated revenue (IGR) of N2.43 trillion in 2023, a 26.03% increase from 2022 ¹. Lagos State topped the IGR rankings, followed by the Federal Capital Territory and Rivers State.
Nigeria’s gaming industry has also shown significant growth, with the sports betting market valued at $89.91 billion in 2023 ². The casino gaming sector generated $70 million in revenue in 2020, despite having only three licensed casinos [5).
The Speaker’s commendation underscores the lottery sector’s vital role in Nigeria’s economic development, and its potential for continued growth and innovation.
Key Highlights:
– N200 billion revenue generated by the lottery sector in 2023_
– N2.43 trillion internally generated revenue (IGR) for Nigeria in 2023_
– 26.03% increase in IGR from 2022_
– Lagos State tops IGR rankings_
– Gaming industry growth, with sports betting market valued at $89.91 billion in 2023
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