FG hands over National Theatre to Bankers’ Committee, as N21.89bn renovation project begins

 

BY BANYO TEMITAYO

THE Federal Government has handed over the National Arts Theatre to the Bankers’ Committee for renovation, as approved by the Federal Executive Council.

A Memorandum of Understanding and Contract Award Signing ceremony to this effect held at the weekend in Lagos between the Federal Government and the Bankers’ Committee, which is expected to provide about N21.89 billion for the project.

The Minister of Information and Culture, Lai Mohammed, represented the Federal Government at the ceremony, while the Bankers’ Committee was represented by the Governor of the Central Bank of Nigeria, Godwin Emefiele.

Also present at the event were the Minister for Youth and Sports Development, Sunday Dare; Governor Babajide Sanwo-Olu of Lagos State; and Chairman, Body of Bank CEOs, Herbert Wigwe.

According to the CBN Governor, the reconstruction and refurbishment of the National Theater, including the proposed Lagos Creative and Entertainment Center, is expected to be completed within 15 months.

He also projected that 35,000 jobs would be created with the implementation of the project.

Recall that the Minister of Information had, after the last FEC meeting in Abuja, told State House Correspondents that the Bankers’ Committee was expected to provide about N21.89 billion for the renovation of the National Theatre.

He said the apex bank was also expected to manage the refurbished National Theatre for a few years before handing it over to the Federal Government.

“The President had in 2020 given approval to the CBN and the Bankers’ Committee, to develop, refurbish, renovate the National Theatre, and at the same time, take over the adjoining lands to create a veritable creative industry where there will be four hubs. One for films, one for music, one for IT and the other for fashion,” Mohammed said.

Shedding more light on the project, Emefiele said, “The idea behind the project, christened, ‘Lagos Creative and Entertainment Centre,’ is simple. First, we seek to restore the glory of an iconic building by aligning most of the fabric and equipment, and facilities in the building with the aesthetics of the 21st century.

“Second, to develop an ecosystem of creative hubs on the adjoining 44-Hectare parcel of land. This new facility will complement and enhance the National Arts Theatre.

“The Bankers’ Committee is providing funding for a prototype cluster located to the north of the National Arts Theatre, a development which we have labelled the ‘Signature Cluster’. This facility will be a convenor, providing space, support network, business development, and community engagement for the creative, cultural and technology sectors.

“The Signature Cluster will consist of a building each for Music, Film, Fashion, and Information Technology verticals. In addition to these, a welcome/visitor’s centre, Police and Fire Stations, and structured parking for up to 500 vehicles will be built.”

The apex bank boss said he anticipated that about 10,000 direct and indirect jobs would be created during the construction of the Lagos Creative and Entertainment Centre.

“We also project that over 25,000 people will be engaged in different sections of the Centre, when the Signature Cluster is completed, with an anticipated multiplier effect of other job opportunities,” he noted.