TheCable

The Bankers’ committee and the Central Bank of Nigeria (CBN) have commenced renovation work on the National Theatre in Iganmu, Lagos.

Tolu Ogunlesi, special assistant on digital/new media to President Muhammadu Buhari, announced this in a tweet on Monday.

The federal government, on July 12, 2020, handed over the national theatre to CBN and the bankers’ committee to signify the kick-start of the renovation process.

The CBN and banker’s committee had assured investment of N21.894 billion to renovate, refurbish and commercialize the national theatre complex.

Ogunlesi said the national theatre will be redeveloped into a creative hub to promote film, fashion, music and industrial technology.

“Revamp of Nigeria’s National Theatre in Lagos has kicked off, a ~$50m investment, financed by the Bankers Committee, in a PPP with Nigeria Government. Apart from the rehabilitation, the sprawling grounds will be redeveloped into a Creative Hub for film, fashion, music and IT.”

Revamp of Nigeria’s National Theatre in Lagos has kicked off, a ~$50m investment, financed by the Bankers Committee, in a PPP with @NigeriaGov. Apart from the rehabilitation, the sprawling grounds will be redeveloped into a Creative Hub for film, fashion, music and IT. https://t.co/6Yc5QUnwbl

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— tolu ogunlesi (@toluogunlesi) April 26, 2021

In February, the federal executive council approved a memorandum of understanding (MoU) between the CBN and the ministry of information and culture for the project.

The MoU has a life span of 21 years after which it will be handed back to government.

Lai Mohammed, minister of information and culture, had said decision to hand over the national theatre to the CBN and the bankers’ committee was because the federal government doesn’t have the required funds for its renovation.

He assured the management of the national theatre and other stakeholders that the renovation will not lead to job loss, noting that about 6,000 jobs will be created at the reconstruction and revamping stages, while an additional 2,000 jobs would be provided when the project is completed.