The National Arts Theater was on Sunday formally handed over to the Bankers’ Committee by the Federal Government.
The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele disclosed this during the signing of Memorandum of Understanding (MoU) for the remodeling on the iconic edifice in Lagos.
The apex bank boss said the second phase of the project , which consists of one building each for Fashion, Music, Film and IT will be commissioned by President Mohammadu Buhari before leaving office in 2023.
The ‘Lagos Creative and Entertainment Centre’, Emefiele said the project will restore the glory of an iconic building by aligning most of the fabric and equipment and facilities in the building with the aesthetics of the 21st century.
He said the Bankers’ Committee will equally be funding a prototype cluster located to the north of the National Arts Theatre, labelled the “Signature Cluster” consisting of a building each for Music, Film, Fashion and Information Technology verticals.
Also, Cappa & D’Alberto Limited was announced as the main contractor for the project, the Electrical Sub Contractor will be handled by Nairda Limited, while VACC Limited will be in charge of the Mechanical Sub Contractor.
Emefiele said the signing of the contract for the restoration and refurbishment of the National Arts Theatre, Iganmu, Lagos, will provide jobs for 25,000 to 30,000 people.
He said the aim is to deliver a successful Creative and Entertainment city that will encourage additional investment into Nigeria’s creative industry.
Also, a portion of the site has been earmarked for the construction of the “Signature Cluster”, which consists of one building each for Fashion, Music, Film and IT.
Each structure has been uniquely designed to function independently, yet co-dependently, providing the opportunity for extensive collaborations between the different creative communities.
Consequently, the 44 Hectare site adjourning the National Theatre will be developed and utilised for the development of purpose-built creative hubs for the Fashion Industry, Music and Film as well as Information Technology (IT).
