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The Professor of Sports Management at Lagos State University, Prof Raimi Morunfolu, has said that sport projects must create value chains to maximise the impact of corporate sponsorship in sport projects.
Morunfolu made this call at the University of Lagos Vice Chancellor’s inter-faculty games opening ceremony, themed ‘Sports Talent Identification and Development: The Role of Corporate Organisations in Perspective’, held on Wednesday at the Unilag NUGA Secretariat in Lagos.
He stated that success in today’s sports arena extends beyond random chance, demanding careful planning for achievement.
“In the current global landscape, institutionalised sports play a pivotal role in fostering development. This is substantiated by nations making substantial investments in this sector, with sponsorship deals and corporate contributions serving as integral components of the support structure for sports advancement worldwide.
“Supporting organisational objectives through investments in sports entities, athletes, teams, or events requires the establishment of a value chain. When corporate organisations invest funds, it is essential to create a tangible value chain for them.
“Without this value chain, the financial support received this year may not be sustained in the following years. To attract investment in your sports events, it is crucial to enhance the value of what the corporate entities are offering by adding significant value to their products or services.”
According to Morunfolu, investors annually conduct a cost-benefit analysis to assess the funds invested in comparison to the value derived from those investments.
However, he noted that to secure financial support from corporate organisations, it is crucial to comprehend the goals behind corporate sports sponsorship.
Morunfolu added that this involved meeting the companies’ needs for product brand awareness, gaining a competitive edge, reaching specific market targets, enhancing their image, and boosting sales.
He asserted that organisations typically engage in trial marketing for sponsorships to assess the potential creation of a value chain.
“If a value chain is successfully established, corporate entities can then be confident that their investments will yield profitable returns,” he added.
Speaking, the Vice-Chancellor of the University of Lagos, Folashade Ogunshola, who was represented by the Director of Sports and Associate Professor of the University of Lagos, Joseph Awoyinfa, said, the Vice-Chancellor Cup Competition represents a strategic effort to harness the diverse talents that lie within the student population of UNILAG.
With 13 faculties contributing to the vibrant academic landscape of the university, the program seeks to create a sense of belonging and shared identity among students from different academic disciplines.
She said the initiative was not only a celebration of sportsmanship but also an exploration of the multifaceted skills and abilities that students bring to the university community.
“The university recognises students’ diverse talents, especially in sports, using the Vice-Chancellor Cup Competition to identify and nurture these skills. The goal is to contribute to holistic student development, preparing them for success in academics and their chosen fields,” she stated.
On his part, the Lotus Bank’s Head of Brand, Marketing, and Communications, Bashiru Salami, said he was excited about supporting the sports competition as part of the bank’s commitment to assisting students in their financial goals.
“The partnership with the University of Lagos aligns with the bank’s focus on corporate social responsibility and its dedication to seeing the university progress,” he added.
