Formula One has not been held on the African continent in 31 years, and Rwanda wants to be only the second country after South Africa to host one of the most expensive and sophisticated sports in the world.

The prospect of Rwanda hosting an F1 Grand Prix signifies an ambitious leap for the nation, signalling a fundamental change in approach in its global sporting landscape.

When or if Rwanda pulls off this one, the world will take note, and decision makers elsewhere will surely take keener interest in what is taking place here.

As officials prepare for discussions with F1 executives, the initiative comes with a broad range of benefits, but also demands in regards to readiness.

First, let's talk about the benefits:

Economic boost and global visibility

Hosting an F1 race can significantly enhance Rwanda's global visibility. Formula One, being one of the most-watched and high-profile sports events worldwide, could draw substantial international attention to Rwanda.

This increased visibility could translate into tourism growth and elevate the country’s profile as a flourishing destination for international events.

The influx of visitors for the race could spur local economic activity, from hospitality to retail, and create job opportunities.

Infrastructure development

The drive to host an F1 Grand Prix would necessitate substantial infrastructure development and upgrades on the existing ones.

This would include constructing a race track, improvements to roads, facilities, and overall urban development.

While the initial investment may be considerable, the long-term benefits could be significant, after all you can't win a lottery if you don't bet!

Enhanced infrastructure would support other sectors such as tourism and local business, creating a more vibrant economy.

Sports and national pride

Rwanda's engagement with high-profile sports events can bolster national pride and foster a stronger sense of patriotism.

Hosting an F1 race aligns with Rwanda's strategy to use sport as a catalyst for economic transformation and social development.

It represents a commitment to not only improving local sporting infrastructure but also to positioning the country as a key player on the global sports stage. This is no mean feat.

Attraction of future investments

Successful execution of an F1 Grand Prix could position Rwanda as an attractive destination for future international investments.

The global reach of F1 provides a platform for the country to showcase its capabilities and strategic vision, potentially attracting additional investments in various sectors beyond sports.

What is required to be ready?

Assessing how soon Rwanda can be ready for such a massive investment involves several factors:

Rwanda’s readiness will depend significantly on its ability to develop and upgrade infrastructure promptly.

Given the scale of F1 requirements, the country would need a comprehensive plan and substantial financial resources.

Typically, major events like F1 require several years of preparation, so Rwanda’s timeline would need to align with these demands, definitely.

Financial and strategic planning

Securing the necessary funding and strategic partnerships is crucial.

Rwanda would need to demonstrate not only its financial capability but also a clear, sustainable plan for leveraging the F1 Grand Prix to benefit the wider economy.

Engaging with investors and sponsors early will be critical to meeting these requirements.

Social and political factors

Political stability and public support will play a role in the feasibility of hosting the event.

Ensuring broad-based support and addressing any socio-economic concerns will be essential for the successful execution of the event.

Automobile Club of Rwanda president Christian Gakwaya is quoted as saying, "We are ready to host an F1 race." The pessimists will ask again, are you really sure you're ready to host FORMULAR ONE?

"Rwanda represents an ideal opportunity for the return of Formula One to Africa. We are serious about submitting our candidacy. Our interest in Formula One is in line with the national strategy to use sport as a lever for economic transformation," he revealed.

F1 has not raced on the African continent since 1993, when the South African Grand Prix was held at Kyalami in Johannesburg.

Now Rwanda is keen to take on the mantle and officials insist they are "serious” in their bid to join F1.

Rwanda will have the opportunity to showcase itself to the FIA – F1’s governing body – when Kigali hosts this year’s FIA awards ceremony in December.

Members of the Rwanda Development Board also met the FIA at the Monaco Grand Prix earlier this year, according to multiple reports.

Rwanda's ambition to host an F1 Grand Prix represents a bold vision, highlighting its desire to join the global sports arena.

The potential economic and social benefits are significant, yet the financial and logistical challenges are substantial.

The country’s readiness will hinge on its ability to secure investment, develop necessary infrastructure, and balance the event's costs with its broader socio-economic needs.

The world eagerly waits to find out the sort of time-frame which will be given for Rwanda to be ready to stage an F1 Grand Prix.

If executed successfully, Rwanda could indeed transform its international profile and pave the way for future global sporting events.

That said, Rwanda's ambitious bid faces formidable competition from the likes of Thailand and South Korea, who have a firm interest in hosting an F1 race in the future.