Bankers Committee in Nigeria mulls fresh $100mln injection into National Theatre

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Nigeria - With about $100 million already disbursed for the reconstruction of the National Theatre Iganmu Lagos, the governor, Central Bank of Nigeria (CBN) Mr Godwin Emefiele, has disclosed that the project will still require another $100 million from the body of bank Chief Executive Officers and CBN, known as the bankers committee.

Expressing delight at the level of work going on in the edifice, Emefiele noted that it is going to be a business where the monies would be released again.

Emefiele, on inspection of progress of work at the National Theatre on Saturday as part of the CBN efforts aimed at repositioning the entertainment sector, expressed his appreciation to President Muhammadu Buhari whose vision, he said, is to provide space for youths in Nigeria to thrive through the creative industry.

He also thanked the governor of Lagos State for drawing the attention of the committee to the 44 hectare land that also includes the National Arts theatre.

“I am happy that foreign investors are already showing interest and I want to place it on record that we have received enquiries from the United States and other investors who have said that they are interested in taking a look at not just the National Art Theatre but also the creative opportunities that we are developing around here.

“So I must say that this is exciting for us at the Bankers Committee and also at the Central Bank of Nigeria,” Emefiele stated.

He further expressed optimism that President Buhari would commission the new National Arts Theatre by November 2022.

Also speaking, Federal Minister of Youth and Sports Development, Sunday Dare, expressed gratitude to the Governor of Lagos State, Babajide Sanwo-Olu, for not just the environment but for committing resources to the project, especially the allied facilities that would be needed, the dredging and especially also the train station that plugs right into the National Theatre.

Dare also recognised that the Central Bank governor has been dogged when he got stuck in trying to ensure the success of the project.

He said the course of the Nigerian youth, having placed him on the committee, are the beneficiaries of the project apart from the generality of Nigerians, who would benefit from the virtual spaces and the clusters that would come with the creative and entertainment industry.

“We hope that by November, this entire corridor from this theatre, the rail station, all the way to Surulere can all come together.

“And Mr President can have a solid legacy project to bequeath to the youth of this country and the entirety of Nigeria. So, I am excited about this and we look forward to November when it will be completed,” the Minister stated.

On his part, the Minister of Information and Culture, Alhaji Lai Mohammed, said, “It seems very hopeful now that the new National Theatre will host the United Nations, World Health Organisation sometime in November this year and also some other global events.

“From what you see, you may not appreciate half of what has gone on. I think we have crossed the rubicon and by the time we come back in two months’ time, we will all see that a lot of work has been buried under.

“Once again, I want to express my appreciation to the CBN governor, the Bankers Committee, that has made it possible for us to have enough finance and of course to the governor of Lagos State because he is also providing the enabling environment in terms of rail transportation and making use of the waterways.

“I want to assure you that from what we have heard today, this will not be an abandoned project. This project will be commissioned before the end of this administration,” he said.

Lagos State Governor, Sanwo-olu, said, “ For all of us to go back to Mr President, led by the CBN governor, put this whole initiative on the table. We are indeed very excited.”

Sanwo-olu also appreciated the Banker Committee saying, “Their leaders are the ones that are here today, Mr Herbert Wigwe and Mr Segun Agbaje, but I tell you there are so many of their other colleagues who are actually committed to this project. They have put their shareholders fund into this and we have seen the results.

“Outside of them, there is a great team of professionals, architects, engineers who refuse to be mentioned but they are the real engine, they are the real people that have put all of them together.”

The governor said he 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.”