National Arts Theatre repairs cost $100m, to gulp more money — Emefiele

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said that the ongoing rehabilitation of the National Arts Theatre has cost $100m and the project would still gulp more money.  The CBN boss made this known during an inspection tour of the facility alongside the Minister of Information and Culture, Lai Mohammed; Governor […]

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has said that the ongoing rehabilitation of the National Arts Theatre has cost $100m and the project would still gulp more money. 

The CBN boss made this known during an inspection tour of the facility alongside the Minister of Information and Culture, Lai Mohammed; Governor of Lagos State, Babajide Sanwo-Olu and the Minister of Youth and Sports Development, Mr Sunday Dare.

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While speaking during the visit, Emefiele, said “For the avoidance of doubt, this project has cost the bankers’ committee, by last estimates, about $100 million. More will be invested in this project, but it is going to 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 enquiries from the United States from investors who have said that they are interested in taking a look at not just the National Arts Theatre, but also 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 added that President Muhammadu Buhari would, on the day of the inauguration, lay the foundation for the four verticals – the music, the movie, IT as well as the fashion hub, the News Agency of Nigeria reports. 

Also, Mohammed lauded the Bankers’ Committee for providing the finances for the project during his inspection of the project. The Minister also hailed the Lagos State Government for providing the enabling environment, especially in the areas of rail transportation and the usage of the waterways.

 He said, “From what we have seen, a lot of work has been undertaken here since our last visit in December 2021. We are satisfied with the progress that has been made. We are hopeful. And we have crossed the rubicon. By the time we come back in two months’ time, we will all see that a lot of work has been buried under,” he said.

The minister further assured Nigerians that the renovation project would, “not be an abandoned project”.

In his remarks, the Lagos state governor said that the project would further help to deepen the state and country’s GDP. 

Sanwo-Olu also said that the new National Theatre, when fully operational, would enable Nigeria to export its talent in the areas of fashion, arts, ICT, and entertainment among others, to Africa and the rest of the world.

“On behalf of my entire millions of youths that are in Lagos, I want to sincerely, through the CBN Governor, thank the Bankers’ Committee; their leadership are the ones that are here today, Mr Herbert Wigwe and Mr Segun Agbaje. But, I tell you, there are so many of their other colleagues who are actually committed to this project,” he said.

Moreso, the Minister of Youth and Sports Development, Mr Sunday Dare, commended the Lagos State Government and the CBN governor for their dogged commitment to the National Theatre renovation project.

He commended the CBN Governor for ensuring a steady flow of funds for the execution of the project.

The minister particularly expressed happiness that many jobs would be created for the youth in the area of creative entertainment.