The rehabilitation and redevelopment of the National Arts Theatre, Iganmu, Lagos, a $50 million investment financed by the Bankers Committee in a public-private partnership (PPP) with the Federal Government, has taken off.
This is coming over 2 months after the CBN Governor, Godwin Emefiele, led other members of the Bankers Committee, to sign a Memorandum of Understanding (MOU) with the Federal Government for the handover of the facility.
This disclosure is contained in a tweet post by the Special Assistant to the President on New Media, Tolu Ogunlesi, on his official Twitter handle on Monday, April 26, 2021.
READ: FG hands National Theatre over to CBN, Bankers Committee
Ogunlesi noted that apart from the rehabilitation, the National Arts Theatre will be redeveloped into a creative hub for film, fashion, music and information technology.
Tolu Ogunlesi in his tweet post said, ‘’Revamp of Nigeria’s National Theatre in Lagos has kicked off, a $50 million investment financed by the Bankers Committee in a PPP with the Nigerian Government. Apart from the rehabilitation, the sprawling ground will be redeveloped into a creative hub for film, fashion, music and IT.’’
The Iganmu station for the blue rail line which is being constructed by the Lagos State Government is ready. The completion of this blue rail line project will be a huge boost and complement the National Arts Theatre, as it will create an easy movement around the massive creative hub.
READ: FEC approves MoU to renovate National Theater, CBN to provide N21.89 billion
What you should know
It can be recalled that around July 2020, the Federal Government announced the official handover of the National Arts Theatre Complex to the CBN and the banks under the aegis of the Bankers’ Committee, in order to commence the renovation and reconstruction of the facility.
On February 15, 2021, the Governor of CBN, Godwin Emefiele, led other members of the Bankers’ Committee to sign a Memorandum of Understanding (MOU) with the Federal Government for the handover of the National Arts Theater, Iganmu, Lagos.
READ: FG deploys undercover agents to check touting, extortion, others by passport officers
Some of the new facilities expected in the complex include a five-star hotel, 4 high rise buildings for IT, Fashion, Music, Film among others.
This national monument which will have Cappa & D’Alberto Limited as the main contractors, Nairda Limited as the electrical sub-contractor and VACC Limited as the mechanical sub-contractor, is expected to be managed by Bankers Committee for a few years before handover to the Federal Government.
Revamp of Nigeria’s National Theatre in Lagos has kicked off, a ~$50m investment, financed by the Bankers Committee, in a PPP with @NigeriaGov. Apart from the rehabilitation, the sprawling grounds will be redeveloped into a Creative Hub for film, fashion, music and IT. https://t.co/6Yc5QUnwbl
— Tolu Ogunlesi, MON (@toluogunlesi) April 26, 2021
