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FG hands over National Theater to Bankers’ Committee
FG hands over National Theater to Bankers’ Committee

On Friday, the Federal Government decided to hand over the National Arts Theater to the Bankers’ Committee to develop the Lagos Creative and Entertainment Centre.

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This reflects the Memorandum of Understanding (MOU) and the contract signing ceremony held yesterday in Lagos between the FG, represented by the Minister of Information and Culture, Lai Mohammed, and the Bankers Committee, represented by the Governor, Central Bank of Nigeria, CBN, Godwin Emefiele.

The Minister of Sports and Youth, Sunday Dare, Governor of Lagos State, Babatunde Sanwo-Olu, and Chairman of the BodY of Bank CEO Herbert Wigwe were also present.

Speaking at the ceremony, Emefiele said that the renovation and refurbishment of the National Theater, as well as the planned Lagos Creative and Entertainment Center, would be completed within 15 months, with 35,000 jobs generated in the process.

He said: “The idea behind the project, christened: “Lagos Creative and Entertainment Centre,” is simple. Firstly, we seek to restore the glory of an iconic building by aligning most of the fabric and equipment, and facilities in the building with the aesthetics of the 21st century, and secondly to develop an ecosystem of creative hubs on the adjoining 44Hectare parcel of land. This new facility will complement and enhance the National Arts Theatre.

“The Bankers’ Committee is providing support for a prototype cluster situated in the north of the National Arts Theater, a creation that we have called the ‘Signature Cluster.’ The facility will be a convenor – offering space, network support, business growth, and community involvement in the artistic, cultural, and technology sectors. The Signature Cluster will consist of a building for vertical music, film, fashion, and information technology. In addition to these, the Welcome/Visitor Centre, the Police and Fire Stations, and formal parking for up to 500 vehicles will be installed.

Speaking on the job creation prospect of the project, Emefiele said: “We anticipate that there would be at least 10,000 direct and indirect jobs created during the construction of the Lagos Creative & Entertainment Centre. We also project that over 25,000 people would be engaged in different sections of the center when the Signature Cluster is completed, with an anticipated multiplier effect of other job opportunities.”

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