The ongoing renovation of the National Theatre, Iganmu, Lagos, will be completed by November, the Minister of Information and Culture, Lai Mohammed and Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, have said.
The duo spoke on Saturday when they led a team on an inspection visit to the facility. Team members comprised the Lagos State Governor, Babajide Sanwo-Olu, Minister of Youth and Sports Development, Sunday Dare; Group Managing Director/Chief Executive Officer, Access Bank Plc, Herbert Wigwe; and the Group Chief Executive Officer (GCEO) of Guaranty Trust Holding Company Plc (GTCo), Segun Agbaje and others.
The Federal Government handed the edifice over to the CBN and the Bankers’Committee in July 2020 for the renovation and construction of four art hubs for music, movies, IT and fashion.
While the renovation is ongoing, work is yet to start on the art hubs.
After Saturday’s inspection, Emefiele said that the renovation is worth about $100 million in funding and that foreign investors have expressed interest.
He said, “for the avoidance of doubt, this project is costing the bankers’ committee, by last estimates, about $100 million. More will be invested in this project, but it will be a business where the monies will be realised again.
“I’m happy that foreign investors are already showing interest. I want to place it on record that we have received inquiries from the United States from investors who have said that they are interested in taking a look at the National Arts Theatre and the creative opportunities that we are developing around here.
“So, I must say that this is exciting for us at the Bankers’ Committee and also at the Central Bank of Nigeria.”
He thanked the Lagos government for actively supporting the project and said he was excited with the progress made so far.
“I am getting excited because we are hoping that there will be some programmes and global activities that will be hosted in this complex by the end of this year. We would be talking to art galleries. Hopefully, we can bring art exhibitions into this complex by this year because we know this place will be ready by November.
“So, in November, we can begin to bring this place back to us again and then put life into the tourism sector in Nigeria, particularly in Lagos state.”
Emefiele further disclosed that President Muhammadu Buhari would lay the foundations of the four art hubs in November when he inaugurates the theatre.
The Minister of Information, Lai Mohammed, commended the Bankers’ Committee for funding the project.
He thanked the Lagos government for providing an enabling environment, especially in rail transportation and the usage of the waterways.
“From what we have seen, a lot of work has been undertaken here since our last visit in December 2021. And we have crossed the rubicon. We are satisfied with the progress that has been made. We are hopeful.
Also speaking, the Minister of Youth and Sports Development, Sunday Dare, commended the Lagos State Government and the CBN governor for their dogged commitment to the National Theatre renovation project.
He expressed happiness that many jobs would be created for the youth in creative entertainment.
Governor Sanwo-Olu said that the project would further help to deepen the state’s GDP and that of the country in general.
He added that when fully operational, the new National Theatre would enable Nigeria to export its talent in fashion, arts, ICT, and entertainment, among others, to Africa and the rest of the world.
