Here's How CBN, Banks Takeover Of National Art Theatre Affect Nigerians

The Central Bank of Nigeria and the Committee of Bankers have taken possession of the National Art Theatre as the financial sector move to invest in the Theatre for business purpose. For years, there have been talks about the government handing over the National Art Theatre to the CBN, the decision has now been finalised.

The National Art Theatre was handed over to the CBN and the bankers' committee today, in the presence of the Governor of Lagos State, Babajide Sanwo-olu, the Minister of Information and Culture, Lai Mohammed and CBN's governor, Godwin Emefiele. A land was also given to the financial stakeholders to transform into Creative Innovation Hub.

While speaking about the handover, Sanwo-olu said it will transform the tourism and entertainment sector of the economy, "It is a new dawn for the tourism and creative economy in Lagos State as today, The National Theatre was handed over to @cenbank and The Bankers Committee to turnaround this national heritage through renovation, a modernisation upgrade and development.

"I am quite excited that this edifice will see a makeover that will transform the tourism and entertainment sector of our economy. It is significant to note  that this turnaround will create jobs and boost the creative enterprise of our youths in Lagos and across Nigeria." Sanwo-olu said in a statement seen by AllNews.

Why Does The Handover To CBN Matter?

After the transformation process, the National Art Theatre can be a key source of growth to Nigeria's economy, the CBN said. The transformation of the National Art Theatre in Lagos is meant to serve as a pilot for other centres across Nigeria, in Kano, Port Harcourt or Enugu.

According to the governor of the CBN, Godwin Emefiele, "Facility will help in unleashing the creative talents of  Nigeria’s youths across multiple sectors and in supporting Mr.President's objective of creating new employment opportunities for Nigerians. Harnessing the talents of our youths in the creative industries, will lead to the buildup of a more resilient economy.

"The Creative Center, which comprises Music, Movies, Fashion and ICT can be a key source of growth for our economy. Nigeria has the potential to earn over $20bn annually from the creative industry. The National Theatre Iganmu, Lagos is expected to serve as the initial pilot for the Nigeria Creative Industries Centre. Centres in Kano, Port Harcourt or Enugu to follow." Emefiele said in a statement shared by CBN.

What Impact Will This Have On You?

Emefiele said the National Art Theatre will lead to the creation of millions of jobs, while thousands of jobs will be created during the construction of the theatre, "The National Theatre when fully renovated will be able to support skills acquisition and job creation for over 1 million Nigerians over the next five years." Emefiele said.

He also stated that, "Nigerians will be empowered with funds at single digits interest rate, high level training using state-of-the-art tools, and networks, that will enable them to turn their ideas into a reality."

Meanwhile, the Minister of Information and culture said, "Some 6,000 jobs will be created during the construction phase, while the completed project could generate up to an additional 600 permanent and 2000 to 3000 call-on/call-off jobs. This is as good as it gets."