Connect with us
Paramount
Advertisement
Ican
Advertisement
IZIKJON
Advertisement
Polaris bank
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
Stallion ads
Advertisement
app

Business

FEC approves MoU to renovate National Theater, CBN to provide N21.89 billion

The FEC has approved an MoU between the Ministry of Information and the CBN, Bankers Committee for the renovation of the National Theatre.

Published

on

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

The Federal Executive Council (FEC) has approved a Memorandum of Understanding (MoU) between the Ministry of Information and Culture and the Central Bank of Nigeria (CBN) Bankers Committee for the renovation of the National Theatre, Iganmu Lagos.

This was disclosed by the Minister of Information and Culture, Lai Mohammed after the council met on Wednesday.

The minister disclosed that the CBN is expected to provide about N21. 89 billion for the refurbishment of the asset and is expected to manage it for few years before handing it over to the government.

He explained that the development is a landmark approval because it has paved the way for investment in the creative industry as part of the resolve of this government to create at least 1 million jobs in the next three years in the creative industry.

He said, “President had in 2020 gave approval to the CBN and the Bankers Committee, to develop, refurbish, renovate the National Theater and at the same time take over the adjourning lands.

“The important thing is that no job will be lost because after the National Theater is renovated, a special purpose vehicle will be created to run it.” 

 

What it means

The memo today was for the Federal Ministry of Information and Culture to enter into a Memorandum of Understanding for the refurbishment of the National Theater. The MOU has a life span of 21 years, after which it will revert back to the government.

After completion, it will be a turning point in the creative industry in the sense that a brand new National Theater, an event center that will help in creating more jobs, will emerge.

What you should know

  • The asset is expected to be used to create a veritable creative industry where there will be four hubs. One for films, one for music, one for IT and the other for fashion.
  • Last year, Nairametrics reported when the CBN 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 them into an avenue to generate revenue.

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

Bandits kidnap students at Girls Secondary School in Zamfara State

Armed bandits have attacked and abducted students of a secondary school in Zamfara State.

Published

on

Armed bandits have kidnapped an unspecified number of students at the Girls Secondary School, Talata Mafara Local Government Area of Zamfara State.

This was disclosed by the state media agency, NTA in a statement on Friday morning.

“Armed bandits kidnapped an unspecified number of Students at Government Girls Secondary School, Jangebe in Talata Mafara Local Government Area of Zamfara State,” they said.

More details shortly…

Continue Reading

Business

Border trade: Onion marketers commence land exports to West Africa

Nigerian onion marketers have commenced documented exports to West Africa.

Published

on

The Onion Producers and Marketers Association of Nigeria (OPMAN) has inaugurated the launch of documented onion exports to West Africa through the Illela land border in Sokoto State.

This was launched by Mr Abdulrahameed Ma’aji, the Area Controller of Nigerian Customs Service (NCS), for Sokoto and Zamfara states on Thursday, as he urged the onion traders to maximize the opportunity for enhanced production and trade with the continent.

He added that the Customs Service had implemented laws and guidelines to improve Nigerian trade and encourage businesses to export to Africa.

“Despite COVID-19 Pandemic, NCS provided proactive solutions to the public that will aid continued reliable and quality service delivery for sustenance of global trade,” Ma’aji said.

National President of OPMAN, Aliyu Maitasamu, stated that the union was working with sister agencies to develop a recovery plan to boost production by 20% each year until 2026.

“In line with the Federal Government’s plan to diversify the economy and create jobs, the union in conjunction with sister bodies in West and Central Africa, developed an onion recovery plan which will target an average steady growth of 20 per cent each year, from 2020 to 2026,” he said.

“Nigeria is among the 10 top onion exporting countries in the world, and with competitive advantage of production, the largest onion producing country in sub-Saharan Africa, with annual 1.4 million metric tonnes in output.

“With the present arrangement, Nigeria will continuously export onions to Niger Republic, Ghana, Burkina Faso, Benin Republic, Mali, Cote D’ Ivoire, and others, with more expanding opportunities,” Maitasamu added.

In case you missed: Nairametrics reported on December 16, 2020 that President Muhammadu Buhari had ordered the immediate reopening of four of Nigeria’s land borders, over a year after they were all shut.

Continue Reading
Advertisement




Advertisement

Nairametrics | Company Earnings