National Art Theatre remodeling require another $100m – Emefiele

With about $100 million already committed in the redevelopment of the National Theatre Lagos, the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said that the project will still require another $100 million from the Bankers Committee and the CBN.

Emefiele said this in Lagos on Saturday when he led members of the Bankers’ Committee on inspection of the project. Also joined in the inspection was the Lagos State Governor State, Babajide Sanwo-Olu; Minister of Information and Culture, Alhaji Lai Mohammed and his counterpart at the Ministry of Sports and Youth Development, Sunday Dare.

He said the remodeled national heritage would be commissioned by President Muhammadu Buhari in November, during which the foundation-laying ceremony of the four adjoining verticals – music, movie, information technology and fashion hubs – would be done.

Emefiele said: “What we are doing is a total rejuvenation of Lagos State by redeveloping the masterpiece right in the centre of Lagos and linking it with the rail.

“This project cost the Bankers’ Committee, by our last estimate, about $100m. So, I must say that $100m or more will be invested in the project”.

Mr Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) Governor, has said that the National Arts Theatre, under redevelopment, has started attracting foreign investors’ interest, especially from the United States.

Emefiele, assured that the investment would not go down the drain as every kobo spent in putting life into the 44-year-old complex would be recouped.

He disclosed that the remodeled national heritage, has started attracting foreign investors’ interest, especially from the United States.

“It is a business where the money would be realised. I am happy that foreign investors are already showing interest, we have received inquiries even from the United States from investors who are not only interested in the National Arts Theatre but also the creative industry that we are developing,” Emefiele said.

On his part, Lagos State Governor, Babajide Sanwo-olu, appreciated the Bankers’ Committee for their commitment to the project and expressed confidence that the new theatre would increase Nigeria’s competitiveness in the international creative industry.

Sanwo-olu, said the Hip-hop Award being hosted in Atlanta, the United States, in July was taken outside the country “because there is no place like the National Arts Theatre.

“That will be the last time that that will happen. Subsequently, we will bring Americans back to the new National Arts Theatre.

“Now you can see that there is a lot of restoration, there are a lot of new things that are coming in and I can assure you that it will be comparable to any facility of its kind anywhere in the world,” Sanwo-olu stressed.

The Governor, further said he is is optimistic that this in itself can further help Nigeria to deepen its Gross Domestic Product (GDP) and continue to de-emphasise oil as the only source of revenue.

“We can begin to export all of the talents that will be coming out of this place to the rest of Africa and the world,” Sanwo-olu stated.