Nigeria’s National Theatre Attracting FDIs, Ready November, Says Central Bank Chief Emefiele

By Derrick Bangura 

Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele on Saturday said the Bankers’ Committee’s efforts to renovate and emplace a modern National Arts Theatre were yielding fruits as the monument as well as the creative industry were already attracting the interest of foreign investors.
Emefiele made this revelation during an assessment tour of the National Arts Theatre facility.
With him were the Lagos State Governor, Mr Babajide Sanwo-Olu; Minister of Information and Culture, Alhaji Lai Mohammed; Minister of Youth and Sports Development, Mr Sunday Dare; Group Managing Director/Chief Executive Officer, Access Bank Plc, Mr Herbert Wigwe; and the Group Chief Executive Officer (GCEO) of the Guaranty Trust Holding Company Plc (GTCo), Mr Segun Agbaje, as well as other stakeholders.
“I’m extremely elated to be here this afternoon on the occasion of the second inspection of this very big project. But again, we will not stop thanking Mr President, because it is his vision that we must provide some space for our youths in Nigeria, through the creative industry.
“What we are trying to do here is to do a total rejuvenation of Lagos State, by really redeveloping this masterpiece right at the centre of Lagos that will be linked with the rail to ensure this project works. For the avoidance of doubt, this project is costing the Bankers’ Committee, by the last estimate, about $100 million, and I must say that, yes, $100 million or more will be invested in this project, but it is going to be business where the monies will be realised again.
“I am happy that foreign investors are already showing interest and I want to place it on record that, we have received enquiries from investors in the United States, who have said that they are interested in taking a look at not just the National Arts 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,” he said.
Speaking on the completion of the project, Emefiele noted: “Our target is that by the special grace of God, Mr President will commission the new National Arts Theatre by November. And we are hoping also on the day he commissions the new National Art Theatre; he is also going to lay the foundation for the four verticals – the music, the movie, IT as well as the fashion hub.”
According to him, “by the time president is about bowing out by May next year, he would come again and now re-commission not just the national asset, but the entire edifice comprising the four vertical hubs so that there will be immense business opportunities, enough of tourism, enough of creative sector businesses that will be generated, not just for Nigeria but particularly for our youths who have shown a lot of creative talents and we think we need to use this opportunity to harness it.
“I’m getting excited because we are hoping that sometime by the end of this year, there will be some programmes and global activities will be hosted in this complex. We would be talking to ArtX gallery and hopefully, by this year we can bring the ArtX exhibition into this complex because we know that by November, this place will be ready so that we can begin to bring this place back to us again and then put life into the tourism life in Nigeria and particularly in Lagos State,” he added”
On his part, the Minister of Information, Culture, Mohammed, promised that the National Theatre would be inaugurated by President Buhari in November to open the venue for reputable international events, guaranteeing that the full completion would happen before the president’s tenure elapses.
“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 we will all see that a lot of work had been buried under,” he added.
On his part, the Minister of Youth and Sports Development, Dare said he was “excited about this and we look forward to November when it will be completed.”
Also commenting, Lagos State Governor, Sanwo-Olu said: “What all of this is about is creating that enabling environment. This whole project will not do everything. There is still going to be a whole lot more in the years ahead that people still need to do. But we are breaking all of the barriers, breaking all of the challenges that we have and we are writing this sector, we are writing their names in gold.”