Many countries now reward their athletes for their achievements. 33 countries, including Nigeria, have confirmed they will pay athletes who return with medals.
World Athletics announced in April 2024 that gold medalists in each of the 48 track and field events in Paris will receive $50,000, and relay teams will receive the same amount to be shared among the team.
This bonus initiative will extend to Olympic silver and bronze medalists at the Los Angeles 2028 Olympic Games.
The International Olympic Committee does not provide compensation directly, so the value of the medals varies by country.
How much are countries paying their Olympic medalists compared to Nigeria?
According to information from different countries gotten by news website KCRA, here is how much countries pay their Olympic gold medalist.
Nigeria's Olympic outing has been unsuccessful thus far. Furthermore, compared to the rewards given to athletes from the top 15 countries, Nigeria's athletes who get medals in the Paris 2024 Olympics will receive relatively meagre amounts.
Nigerians who win gold will take home $5,000, silver winners $3,000, and bronze winners $2,000.
Interestingly, Hong Kong offers the biggest cash prize. The prize money for these countries were rounded to the nearest dollar and converted to US dollars:
- Hong Kong, China: $768,000
- Singapore: $745,000
- Indonesia: $300,000
- Israel: $271,000
- Republic of Kazakhstan: $250,000
- Malaysia: $216,000
- Spain: $102,000
- France: $87,000
- South Korea: $45,000
- United States: $38,000
- Japan: $32,000
- Poland: $25,000
- Germany: $22,000
- Australia: $13,000
Athletes from Hong Kong and China who win the silver medal get cash prizes range from $384,000. Also, athletes from Australia who win silver medals get $10,000.
Bronze medal cash prizes range from $192,000 for Hong Kong athletes to $7,000 for Australian athletes.
Great Britain and Norway don't give cash prizes to Olympic medalists, according to CNBC.
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Other prizes
In some countries, award-winning athletes receive other prizes instead of cash. For instance, South Korea will give medalists with pensions and apartments, while Kazakhstan also offers apartments.
The National Sports Council of Malaysia disclosed that winners of the Paris medals would get a "foreign-made car."
Additionally, the International Boxing Association (IBA) announced in May that it would award financial rewards of over $3.1 million in boxing competitions to the winners and their coaches.
These athletes deserve whatever monetary compensation they receive due to their dedication, sacrifice, and talent.
Perhaps if Nigeria increases its monetary rewards, many more athletes will compete for the country and even win more medals.