Dignitaries at the Signing of MoU for the National Arts Theatre Remodelling in Lagos Photo: The Nation

National Arts Theatre N21.3bn remodelling to boost economy, provide over 25,000 jobs

*The National Arts Theatre remodelling project would restore the glory of an iconic building by aligning most of the fabric, equipment and facilities in the building with the aesthetics of the 21st century ─ Godwin Emefiele, Governor of Central Bank of Nigeria

*For the Federal Government, the project is a win-win situation with several thousands of jobs to created and investment opportunities for the economy, says Lai Mohammed, Minister of Information and Culture

Emmanuel Akosile | ConsumerConnect

With the second phase of the iconic project to be awarded in few weeks’ time, the Central Bank of Nigeria (CBN) has said the N21.3 billion National Arts Theatre remodelling will be completed in the next 15 months.

Mr. Godwin Emefiele, Governor of CBN, announced this development Sunday, February 14 during the signing of Memorandum of Understanding (MoU) for the handing over of the National Arts Theatre to the Bankers’ Committee by the Federal Government at Iganmu, in Lagos.

Emefiele announced Cappa & D’Alberto Limited as the main contractor for the project; Electrical Sub Contractor will be handled by Nairda Limited, while VACC Limited will be in charge of the Mechanical Sub Contractor.

The CBN Governor, who disclosed the second phase of the project, christened ‘Lagos Creative and Entertainment Centre’, would also be awarded in the next few weeks, assured Nigerians, that President Muhammadu Buhari would inaugurate the project before leaving office in 2023, The Nation report said.

Emefiele further noted that the project would restore the glory of a landmark building by aligning most of the fabric, equipment and facilities in the building with the aesthetics of the 21st Century.

The Bankers’ Committee will be funding a prototype cluster located to the north of the National Arts Theatre, labelled the “Signature Cluster” consisting of a building each for music, film, fashion and information technology verticals, Emefiele stated.

Alhaji Lai Mohammed, Honourable Minister of Information and Culture, at the event said the National Theatre remodelling project had already been approved by Nigeria’s Federal Executive Council (FEC).

The Minister disclosed that for the Federal Government, the project is a win-win situation with several thousands of jobs created for about 25,000 to 30,000 people, and investment opportunities for the economy.

In his remarks on the occasion, Governor Babajide Sanwo-Olu Lagos State stated that the remodelling project is an opportunity to write Nigeria’s name in gold for the future generation.

Sanwo-Olu said: “What we are doing here today shows that when private and public enterprises partner, there is nothing that cannot be achieved.”

Minister of Youth and Sports Sunday Dare also commented that the project would make huge impact in the development of the Creative Industry and support Nigeria’s economic development.

According to Emefiele, the aim of the project is to deliver a successful Creative and Entertainment city that will encourage additional investment into Nigeria’s creative industry.

Likewise, a portion of the site has been earmarked for the construction of the “Signature Cluster”, which consists of one building each for Fashion, Music, Film and IT.

The 44-hectare site adjoining the National Theatre will be developed and utilised for the development of purpose-built creative hubs for the Fashion Industry, Music and Film as well as Information Technology (IT), added the CBN Governor.

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