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The Central Bank of Nigeria (CBN) has disclosed that it’s working with the Bankers Committee to revive the National Theatre, Iganmu, Lagos, with about N25 billion.

This disclosure was made by the Central Bank Governor, Godwin Emefiele, during the 11th Bankers Committee Retreat in Ogere, Ogun State.

Emefiele noted that the plan of the committee was geared towards reviving dead or dying assets in the country and turn it into an avenue to generate revenue.

CBN to fight piracy in Creative Industry, CBN’s takeover of National Art Theatre is a breach of contract - Jadeas Trust Consortium 

He said that the National Theatre, when reconstructed, would be maintained as the CBN and committee were working hand in hand to put things in place. Emefiele was quoted by Punch to have said that they would work with the existing workers to create a maintenance culture that would help make the National Theatre a tourist attraction.

“What the Bankers Committee is doing is to help to revive dead assets or an asset that is dying that cannot be able to generate its potential and revenue as a result of lack of funds and good maintenance.

“I have been to different conferences in different parts of the world, the assets the National Theatre has is better than what we see in many of the international conferences in other parts of the world,” Emefiele said.

Why this matters: According to the CBN Governor, it was important to revive the theatre so that it could help create economic activities and run it, as well as being a place for creativity and tourist attraction. He also said jobs would be created for people, particularly the youths.

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What you should know: Nairametrics had reported when the Federal Government approved the CBN and Bankers Committee’s plan to take over the national asset. The plan was to develop a 40-acre Creative Industry Park around the National Theatre. The development is meant to boost the growth of the creative sector in diverse areas like entertainment, movie, music, fashion, and ICT.

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