Renovation of National Theatre to cost N25 billion – Lai Mohammed

By allcitynews.ng

There seems to be light at the end of the tunnel for creative and entertainment industry as Federal Government yesterday handed over the renovation of National Theatre to Central Bank of Nigeria’s Bankers Committee.

According to the Minister of Information and Culture, Alhaji Lai Mohammed, the renovation which is meant to be completed within 18 months would cost N25 billion.

Mohammed who made this known during the former handing over of the National Theatre to CBN, Bankers’ Committee for restoration emphasized that Federal Government handed over the National Theatre and its surrounding lands to the Central Bank of Nigeria, CBN, for restoration, which aims at creating millions of jobs for youths in the country and diversifying the country’s economy.

The CBN Governor and Chairman, Bankers Committee, Godwin Emefiele, in his remark expressed gratitude to President Muhammadu Buhari for the handing over of the edifice, saying, “The National Theatre, Iganmu, Lagos, which is being handed over today to the Bankers Committee is expected to serve as the initial pilot for the Nigeria Creative Industries Centre. “Upon completion in another 18 months, this area would have transformed into Nigeria’s Creative industrial Centre, which will be comparable to other world class entertainment and convention centres in any part of the world.

“Following the completion of the renovation works at the National Theatre, with the supporting facilities that will be built around it, which include a hotel and an expansive conference centre, we intend to set up similar Creative Industries centres in Kano and Port Harcourt.”

In addition, Emefiele noted that the handover of the edifice to the CBN/Bankers Committee is indeed timely when one considers the external headwinds facing our economy today. However, “With our human capital resources and an enabling environment that will help harness the creative talents of our youths, Nigeria has the potential to earn over $20 billion annually from the creative industry.

Similarly, the Minister stated that the edifice would be able to generate 10,000 jobs after completion, saying, ‘’Please permit me to start off by making a clarification: this iconic National Theatre remains a national heritage and will not be ceded to any person or group, as some have chosen to frame what we are doing here today. What we are here to do is to hand over the National Theatre for restoration and upgrade and the fallow land within the premises to the Central Bank and the Bankers’ Committee for development.

‘’The Federal Ministry of Information and Culture holds the keys to the National Theatre on behalf of all Nigerians.’’ According to Mohammed the N25 billion project, tagged the Lagos Creative and Entertainment Centre Project, was a Public-Private Partnership, PPP, that will be executed in two phases, with Phase 1 being the restoration and upgrade of the National Theatre to its glory days at a cost of N7 billion and Phase II, the development of the adjoining fallow land at a cost of N18 billion. ‘’The good news is that this project will not lead to a single job loss. Instead, it will create more. Some 6,000 jobs will be created during the construction phase, while the completed project could generate up to an additional 600 permanent and 2,000 to 3,000 call-on/call-off jobs. This is as good as it gets!’’

In attendance were the Minister of Information and Culture, Lai Mohammed; Governor of CBN and Chairman, Bankers Committee, Godwin Emefiele; Governor Babajide Sanwo-Olu of Lagos State; Deputy Governor of Lagos State, Dr. Obafemi Hamzat, among others.