… Banker’s Committee To Support With N25bn
The Central Bank of Nigeria has said that the proposed National Arts Theatre’s renovation would strengthen the country’s economy.
Stating this during the handover ceremony of the theatre to the new renovators, the Banker’s Committee, in Lagos, the CBN Governor, Mr. Godwin Emefiele, acknowledged that the project is a timely intervention for the country.
“The impact of the Covid-19 on the global economy has affected the Nigerian economy. Our country is faced with a revenue shock primarily drive by the 40 percent drop in crude oil prices between January and now.
” These challenges have served to reinforce the need to promote policies that would enable greater diversification for the Nigerian economy. It will lead to the build up of a more resilient economy that is better able to withstand external shocks, while creating wealth and jobs for our growing population,” he said.
The CBN Governor also noted that the Bankers Committee would support the project with N25 billion naira.
He noted that the renovation project which is scheduled to stretch for a year and six months would expand the Arts theatre into a globally competitive Creative Industrial Centre.
Emefiele added that the new centre, which would consist of Music, Movies, Fashion and Information Communication Technology, is aimed at creating at least one million jobs for the country’s unemployed youth.
He bemoaned the current national dependence on crude oil, regretting that despite the country’s “potential to earn over 20 billion dollars annually from the creative industry”, it relies on crude oil.
He also noted that it was necessary to invest in the creative sector, to encourage innovation and drive growth in the country’s economy.
He added that after the renovation is completed, the Banker’s Committee would create similar centres in Kano, Port Harcourt and Enugu cities.
He appreciated President Buhari for handing over the facility to the Banker’s Committee, assuring that the project would be executed to support the growth of the creative sector.
The Banker’s Committee is an exclusive forum for the chief executives of Nigerian banks and the directors of the different departments of the CNN. It is headed by the CBN Governor.
