FEC approves MoU to renovate National Theater, CBN to provide N21.89 billion

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    The FEC has approved an MoU between the Ministry of Information and the CBN, Bankers Committee for the renovation of the National Theatre.

    The Federal Executive Council (FEC) has approved a Memorandum of Understanding (MoU) between the Ministry of Information and Culture and the Central Bank of Nigeria (CBN) Bankers Committee for the renovation of the National Theatre, Iganmu Lagos.

    This was disclosed by the Minister of Information and Culture, Lai Mohammed after the council met on Wednesday.

    The minister disclosed that the CBN is expected to provide about N21. 89 billion for the refurbishment of the asset and is expected to manage it for few years before handing it over to the government.

    He explained that the development is a landmark approval because it has paved the way for investment in the creative industry as part of the resolve of this government to create at least 1 million jobs in the next three years in the creative industry.

    He said, “President had in 2020 gave approval to the CBN and the Bankers Committee, to develop, refurbish, renovate the National Theater and at the same time take over the adjourning lands.

    “The important thing is that no job will be lost because after the National Theater is renovated, a special purpose vehicle will be created to run it.”

    What it means

    The memo today was for the Federal Ministry of Information and Culture to enter into a Memorandum of Understanding for the refurbishment of the National Theater. The MOU has a life span of 21 years, after which it will revert back to the government.

    After completion, it will be a turning point in the creative industry in the sense that a brand new National Theater, an event center that will help in creating more jobs, will emerge.

    What you should know

    • The asset is expected to be used 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.
    • Last year, Nairametrics reported when the CBN disclosed that it’s working with the Bankers Committee to revive the National Theatre, Iganmu, Lagos, with about N25 billion.
    • This disclosure was made by the Central Bank Governor, Godwin Emefiele, during the 11th Bankers Committee Retreat in Ogere, Ogun State.
    • Emefiele noted that the plan of the committee was geared towards reviving dead or dying assets in the country and turn them into an avenue to generate revenue.

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