The Centra Bank of Nigeria and Bankers’ Committee are the new managers of the National Theatre, Iganmu, Lagos. The edifice is expected to after remodeling, attract $20 billion annual revenue into the economy.
CBN Governor, Godwin Emefiele disclosed this on Sunday in Lagos after the Federal Government handed over the edifice to the CBN and Bankers’ Committee. The remodeling exercise is expected to be completed in 18 months.
The National Theatre, which will now become a Creative Center, will be used for Music, Movies, Fashion and ICT and will become a key source of growth for the economy creating up to one million jobs for the teaming youths and reduce Nigeria’s dependence on revenues from crude oil.
Emefiele said the Bankers Committee decided to set up the Creative Industries and Financing Initiative (CIFI), with a major focus on four pillars namely ; Music, Movies, Fashion and Information Technology.
“Our goal is to support startups and existing businesses across these four pillars, as well as foster the development of a Nigeria Creative Industries Centre in 4 major cities in Nigeria. Towards the realization of this objective the Bankers Committee intend to support this creative venture with about N25billion of initial funding,” he said.
According to him, the National Theatre Iganmu, Lagos handed over today to the Bankers Committee is expected to serve as the initial pilot for the Nigeria Creative Industries Centre.
“Following the completion of the renovation works at the National Theatre, along with the supporting facilities that will be built around it, which includes a hotel and an expansive conference centre, we intend to set up similar Creative Industries centres in Kano, Port Harcourt or Enugu”.
“Our goal for the National Theatre, is to create an environment where startups and existing businesses are rewarded for their creativity. The National Theatre when fully renovated will be able to support skills acquisition and job creation for over 1 million Nigerians over the next five years.”
“These Nigerians will be empowered with funds at single digits interest rate, high level training using state-of-the-art tools, and networks, that will enable them to turn their ideas into
a reality. When they are able to achieve their objective of creating a new music product, a high-quality movie, an IT software application, or a fashionable outfit, the bankers committee will work to ensure that they are able to distribute their work on a larger scale”.
“Furthermore, individuals will have the opportunity to showcase their work at the creative industries centre, which will expose them to domestic and external investors that can provide them with additional resources, which would enable production and expansion of their creative works”.
