The Central Bank of Nigeria (CBN) has shown its support for the $100 million by the Bankers’ Committee meant for the revamping of the National Arts Theatre.
This was disclosed by the Governor of the Central Bank of Nigeria, Godwin Emefiele, at the ‘Arise Fashion 2021’ programme, as he noted that the country’s deposit money banks were set up in 2020 for creative industry financing.
The Bankers’ Committee is expected to provide funding for a prototype cluster labelled, ‘The Signature Cluster’ which consists of a building each for music, film, fashion and information technology verticals.
Emefiele described the four hubs to be established as follows: “The hubs are the fashion hub, music hub, film hub, and to support these, the IT hub, where we will have Nigeria’s young and talented IT developers, developing software to increase and earn revenue for themselves as well as to support the country’s revenue base.”
Emefiele said, “The project is costing the Bankers’ Committee almost $100 million to resuscitate and revamp the National Art Theatre.”
“The National Art Theatre can contain a gathering of at least 7,500 people. We do hope that, come 2023 and onwards, we will begin to see these fashion shows being held around the premises of the National Art Theatre.
“We are trying to build infrastructure to support the creative industry in Nigeria.”
He explained that the goal was to make it easier for young and talented people in the creative industry to get funds to start or expand their enterprises.
Nduka Obaigbena, Chairman of Arise News, said the company opted to highlight the event, which was broadcast live on television in 200 countries and supported by Arise News and other media.
He said, “We celebrate Nigeria because, like it or not, the building blocks of the Nigerian century is afoot despite the challenges that we face; our generation will ensure that we build a Nigeria that can stand the test of time in 2050 as the third largest and most populous economy in the world.
“And those building blocks you can see in the power of creativity, technology and the power of everything else. We are determined to tell the world that the time of Nigeria is here.”
It can be recalled that around July 2020, the Federal Government announced the official handover of the National Arts Theatre Complex to the CBN and the banks under the aegis of the Bankers’ Committee, in order to commence the renovation of the facility.
The Federal Executive Council had earlier approved an MOU between the Federal Ministry of Information and Culture and the Bankers’ Committee for the renovation of the National Arts Theatre with the CBN expected to provide about N21.89 billion.
In February, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, led other members of the Bankers’ Committee to sign a Memorandum of Understanding (MOU) with the Federal Government for the handover of the National Arts Theater, Iganmu, Lagos.
The Bankers’ Committee will be expected to manage the facility for a few years before handing it over to the Federal Government.
