FG hands over national theatre to CBN, bankers’ committee for N25bn renovation

The federal government has handed over the National Theatre in Iganmu, Lagos to the Central Bank of Nigeria (CBN) and the bankers’ committee for renovation.

Speaking at the handover ceremony that held in Lagos on Sunday, Lai Mohammed, the minister of information and culture, said the renovation work would gulp N25 billion and last for 18 months.

Mohammed also assured that the facility will not be ceded to any group as the renovation work would be funded through a public-private partnership.

Describing the renovation as a win-win for all stakeholders, the minister said the current staff at the theatre need not worry about losing their jobs.

Since its completion in 1976 for the 1977 Festival of Arts and Culture (FESTAC ’77), the edifice has not undergone any major renovation.

In October 2019, President Muhammadu Buhari approved that the facility is handed over to the CBN and bankers’ committee for renovation.

“The handover of the national theatre to the CBN/bankers committee is indeed timely when one considers the external headwinds facing our economy today,” Godwin Emefiele, the CBN governor, said.

“Our goal for the national theatre is to create an environment where start-ups and existing businesses are rewarded for their creativity.”

Emefiele said the facility will be able to support skill acquisition and create jobs for over one million Nigerians within upon completion.

“These Nigerians will be empowered with funds at a single-digit interest rate, high-level training using state-of-the-art tools, and networks that will enable them to turn their ideas into a reality.”

He also disclosed that Nigeria has the potential to earn over $20 billion annually from the creative industry.

Other stakeholders present at the ceremony were Sunday Dare, the minister for youth and sports development, Babajide Sanwo-Olu, the governor of Lagos state and Herbert Wigwe, chief executive officer of Access Bank.