Nigeria’s apex bank partners Lagos on ₦22 billion national theatre renovation

Herbert Wigwe, says the project is in line with the FG’s vision of lifting 100 million people out of poverty
Nigeria's apex bank partners Lagos government on ₦22 billion national theatre renovation

The Central Bank of Nigeria and the Lagos State Government team have assessed the National Arts Theatre ahead of a new investment plan that includes building a Creative Industry Park at the Theatre.

In the assessment team are Lagos State Governor, Babajide Sanwo-Olu; his Deputy, Dr. Obafemi Hamzat; CBN Governor, Godwin Emefiele;  Permanent Secretary, Lagos State Land Bureau, Bode Agoro and CBN Director of Corporate Communications, Isaac Okorafor.

The tour was targeted at assessing the state of the facility meant to benefit from ₦22 billion Creative Industries and Financing Initiative (CIFI) championed by the CBN and Bankers’ Committee. The project and others planned for Enugu or Port Harcourt and Kano are expected to create millions of direct and indirect jobs for Nigerians.

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The Chairman of Body of Bankers CEOs, Herbert Wigwe, says the project is in line with the federal government’s vision of lifting 100 million people out of poverty.

He says the creative village will provide employment for at least, a million Nigerians, who have skills in music, IT, movies, among others.

“We are beginning to think of the multiplier effects – one million direct youths- it may mean that we may have 20 million youths taken out and given proper jobs. Now, begin to imagine as well what this edifice would mean if we happen to develop the National Theatre.”

Speaking on plans for the construction, he further added:

“We have been to several countries on the continent, none of them have an edifice like this. Now, ours is derelict, but we believe in two years, working under the auspices of the CBN Governor, we would be able to raise the requisite private sector funds to support and give this centre a proper facelift.”

Wigwe, who is also the Group Managing Director/CEO of Access Bank Plc, says the assessment list was to enable the team to see what is going on before the actual work begins.


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