Nigeria, is among the 16 countries that will earn $8 million for participating in the FIFA World Cup 2018 which came to a close yesterday, with France beating Croatia 4-2 to emerge champions.
Former champions, Germany, will also receive $8 million alongside all the other African representatives, Senagal, Tunisia, Morocco and Egypt who crashed out at the group stage.
In 2017, the FIFA Council announced that the organization’s total contributions to fund the 2018 World Cup would be a whopping $791 million — a 40 percent increase from the previous tournament in 2014. Of this total, $400 million will be used exclusively as prize money for participating teams — a 12 percent increase.
This increase in funding means that France will get $38 million, and runners-up Croatia will get $28 million, the biggest ever prize money in the World Cup.
According to Time, the prize money is given to each country’s national FIFA federation. These organizations determine how the winnings will be distributed and how much each individual player will receive.
The World Cup trophy is estimated to be worth $20 million. While the winners don’t get to keep the trophy indefinitely, the fame and publicity associated with winning the World Cup can lead to corporate sponsorships, advertising deals and hefty contracts.
Of course, France and Croatia are not the only teams who will be taking cash home from the World Cup. All teams that advanced to the group stage receive a minimum of $8 million in prize money, as well as $1.5 million to “cover preparation costs.”
HERE’S HOW THE PRIZE MONEY WILL BE SHARED:
17th-32nd place: $8 million
Ninth-16th place: $12 million
Fifth-Eighth place: $16 million
Fourth place: $22 million
Third place: $24 million
Second place: $28 million
First place: $38 million
