On Tour of Construction at National Theatre, Emefiele, Sanwo-Olu, Mohammed Commend Pace of Work

James Emejo in Abuja

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday expressed excitement over the pace of renovation work being carried out at the Lagos Creative and Entertainment Centre (LC&EC), popularly known as the National Arts Theatre in Iganmu, Lagos.

Emefiele, during an inspection tour by the project’s Steering Committee, alongside Lagos State Governor, Mr. Babajide Sanwo-Olu and Minister of Information and Culture, Mr. Lai Mohammed, expressed confidence that the work would be completed in record time.

The CBN governor, while exchanging views during the tour of the facility, further pointed out major milestones had been achieved since the commencement of the renovation work early in 2021.

The Bankers’ Committee had committed over N40 billion investment to the project which is expected to deliver far-reaching benefits to the Nigerian economy and support the initiatives of the Muhammadu Buhari-led administration to grow the creative industry and provide jobs to Nigeria’s youth population.

Following the award of the contracts in March 2021, the contractors and other specialists had followed a rigorous project plan of identifying and saving items of significant historical value and art, stripping away and decommissioning, carrying out integrity assessments, creating new services routes, and remodelling some of the interior spaces including nearly 300 units of conveniences.

Other members of the steering committee included the CBN Deputy Governor in charge of Financial System Stability (FSS), Mrs. Aishah Ahmad; the Group Managing Director of Access Bank and Chairman of the Body of Bank CEOs, Herbert Wigwe; and the Managing Director of GT Holding Company, Segun Agbaje.

They all attested to the fact that the entire heating, ventilation, air conditioning system, power, water supply and sewage systems were currently being replaced while fire safety standards are being significantly upgraded.
Earlier this month, Emefiele was upbeat that the ongoing resuscitation of National Arts Theater will be completed by 2023.

He had also expressed confidence that beginning 2023, the annual Arise Fashion exhibition will be held within the main bowl of the National Arts Theatre in Lagos.

He said the repositioning of the theatre was costing the bankers committee almost $100 million to “resuscitate and revamp the National Arts theatre.”

Speaking at the recently concluded Arise Fashion Show in Dubai, United Arab Emirates, the CBN Governor had said the creative industry remained an important and large industry in Nigeria with revenue projection of about $4.5 billion annually.

He added that the federal government was doing everything possible to support the creative sector, adding that the monetary policy on its part is committed to supporting the growth of the industry.
Emefiele said, “It is not just about resuscitating it, but by the side of the National Arts Theater, what we do intend to do is to develop four creative hubs around the theater.

“Like you know, the National Art Center can sit in a particular gathering of at least 7,500 people.
“And we do hope that from 2023 and onwards we will begin to see these fashion shows being held around the premises of the National Arts theatre.”

He said apart from the four creative industrial hubs being built around the National Theatre, the facility would also support young and talented IT developers developing software to increase and earn revenue for themselves and also to support the revenue base of the country.

He said this was why the emphasis had been on first building infrastructure to support the growth of the creative industry of the country.

He added that the CBN also partners the DMBs to set up the creative industry financing fund last year.
He explained, “That fund is meant to make it possible for a young and talented youth used in the creative industry, to be able to raise finance, to grow their business or to establish their business.

“Like we know, accessing finance has been a big problem for most people who want to go into good business.
“And with the support of the central bank by establishing the creative industry financing Initiative, we’ve been able to unlock the potentials of our youth to support the development of the creative sector in Nigeria.”
He said so far about $5 billion had been disbursed to support creative industry initiatives both in fashion, films, television and in music in the country.

He added, “We hope that more and more of a youth can access this facility because this facility is a long-term loan with about two years moratorium and with interest rates at nine not more than nine per cent.

“What you will find ordinarily before now, when you want to set up a business like this, people will tell you that it is not a high-yield business that can be supported with loans of about 30 per cent or more.

“But with what we came about through the creative industry, finance fund, young people are able to access this credit to set up their business in fashion, in IT, in films and in music at no more than nine per cent.”
He further urged the youths to seize the opportunity to access the fund as it is available to make life good for them.

He said, “We realise that by demography the youths are the majority in population in Nigeria. And we think that given this opportunity, it should be possible for us to grow the Nigerian economy where foreign currency will be end.

“And for the good not just of creative industry participants, but also for government to support the growth of the Nigerian economy.

“So I thank Arise media for this event today. And I look forward to next year, we’ll meet you again in Lagos or any part of Nigeria for this show.

“So, we’re going to be welcoming all of you not in Dubai. Better to be in Nigeria, come next year and by the special grace of the Almighty, I will be there with you.”

Nevertheless, the nearly 3000 Square Meter roof terrace of the project, which had been major source of leakages, is currently undergoing repair, while the floors, walls, panels, and ceilings have been stripped back as part of a plan to ensure that all underlying structures are able to support new finishes.

In the 4000-seater main bowl, the new stage infrastructure will deliver future-fit performing arts spaces, for dance, theatre, music, and multimedia, with adjustable acoustics and advanced technical systems, adaptable to the requirements of audiences, artists, and sponsors.

The team also observed that the banquet halls and exhibition spaces as well as the two 500-seater cinemas had been stripped out, with new walls, floor and ceiling finishes being installed.

Earlier, February, Emefiele had led members of the Bankers’ Committee to sign a Memorandum of Understanding (MOU) with the federal government for the handover of the National Arts Theatre.

Emefiele, at the MOU signing had noted that revamping the National Arts Theatre would unlock the creative talents of hundreds of thousands of Nigerian youths in the fields of music, movie production, fashion, and information technology.

The theatre, a national monument and most iconic symbol of arts and culture, is being restored and its facilities currently being upgraded to match the best standards of theatre and performance in the world.
The edifice, according to the Bankers’ Committee, will be at the heart of a larger development of hubs that will form an ecosystem of the creative sector – film, fashion, information technology and music, alongside other critical amenities.

The ultimate objective is to unleash opportunities for the youth, competence and capacity building and enhancement of the prospects for revenue generation.
The commitment made by the Bankers’ Committee at the end of 2019 was reinforced by the handover of the facility and the adjoining 44-hectare parcel of land.

The project is coming to fruition and is supported by the partnership of the Lagos State Government, Federal Ministries of Information & Culture and Youth & Sports Development, the Central Bank of Nigeria and the Bankers’ Committee.