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Tuesday 13 June 2023

Coronation Leverages WTT Contender Tournament in its Corporate Sponsorship Drive to Grow Nigeria’s GDP


Coronation Insurance Plc, a leading insurance company, is going above and beyond in its corporate support of the World Table Tennis (WTT) Contender Tournament in order to increase Nigeria's GDP Index. The global tennis competition will be held at the prestigious Sir Okoya Thomas Indoor Sports Hall in Surulere, Lagos, from June 12th to 18th, 2023, and will feature notable players such as Nigeria's very own Quadri Aruna, who will face formidable opponents from China, Tapei, Korea, Germany, Portugal, Denmark, Egypt, Slovakia, Poland, and Sweden.

The WTT Contender was introduced by the International governing body, ITTF in 2019. This tournament is a prestigious event that showcases the participation of highly skilled professional table tennis players from various countries, both male and female, competing for the championship title. The WTT professional tour has energized the elite player base by allowing them to vie for incentives and world ranking points, while also allowing up-and-coming 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. 

Speaking during the media briefing in Lagos, the CEO of Coronation Insurance Plc, Mr Olamide Olajolo stated that “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 top insurance companies in Nigeria; hence, we have provided insurance coverage for all players in this tournament. We recognize that safety is very key for sportspersons. This is a partnership that will grow the sport. We will continue to explore more avenues to support tennis and other sports in Nigeria.

According to a report issued by the Centre for the Study of the Economics of Africa (CSEA), Sport contribution to Nigeria’s GDP remains low due to inadequate finance and investment. Assessing the impact of sports on Nigeria's GDP, the report shows that the entertainment and recreation sector contributed 0.19, 0.31, 0.33 and 0.35 per cent to the Nigerian GDP in 2019, 2020, 2021 and 2022 respectively.

Coronation is driven by its mission to provide transformational solutions for Africa through various human enterprise. Its products and services provide self-sufficiency, financial independence, creation and preservation of wealth for the future.

Similarly, the CEO of Life Assurance, Akinlolu Akinyele, said that “we are excited to be a part of this epoch-making tennis fiesta. Indeed, Sporting tournaments such as the WTT Contender Tournament can be utilized as a medium to democratize wealth creation and access, thereby encouraging participation in all sporting activities in primary, secondary, and tertiary educational institutions. These will help make the sports sector more appealing for the youth to pursue as a career and profitable for businesses”.

He maintained that sports can provide an important platform for youths to develop life skills that will enable them to cope better with everyday life challenges and transition away from drug abuse, violence, and crime.

Coronation is a leading financial service partner that helps build enduring legacies that lead to sustainable wealth creation in Africa. It offers a wide range of financial solutions to professionals, institutions, and individuals across Africa and globally. It was established to help more people attain financial well-being and prosperity.

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