Nigeria's Vice-president Yemi Osinbajo said Thursday that the government will work toward its resolve to tap into the abundant resource of sports to develop its economy.

The Nigerian deputy leader told reporters in the nation's capital, Abuja, that "in the next coming years, sports will become a major pillar of the Nigerian economy".

Osinbajo said the government would encourage the private sector to actively participate in sports development by providing the necessary incentives to enhance the financing, management and promotion of sports.

He said the government has realized that sports was a major revenue earner for countries across the world, regarding economic activities.

Osinbajo noted the English Premier League and the Major League Soccer (MLS) in Britain and the US respectively as major money-spinners for the countries.

"Advertisers, sports promoters and the media used the endorsements of famous sports stars to promote their products. Even, other professionals make financial breakthroughs through sports," he said, adding the world of sports has become a bustling worldwide economic phenomenon.