- The Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has said the remodeling of the National Arts Theater will Bankers’ Committee $100 million at completion.
- He spoke yesterday during second inspection of progress of work at the National Arts Theater, Iganmu, Lagos with the Lagos State Governor, Babajide Sanwo-Olu, Minister of Information and Culture, Lai Mohammed and Minister of Youth and Sports Development, Sunday Dare.
- Emefiele said foreign investors from different parts of the world, including the United States of America has shown interest in the project, as well as the creative industry.
- “I am happy that foreign investors are already showing interest and I want to place it on record that we have received enquiries from the United States from investors who have said that they are interested in taking a look at not just just the National Art Theatre, but also the creative opportunities that we are developing around here,” he said.
- Emefiele said Sanwo-Olu had opened the Bankers’ Committee eyes to the opportunity present at the National Arts Theater when the team was looking of possible area to site the project.
- “I thank the governor of Lagos state because at the time we were looking for where this project would be sited, he opened our eyes on the need to take a look at this 44 hectare land that also includes the National Arts theatre. What we are trying to do here is a total rejuvenation of Lagos state, by really redeveloping this masterpiece right at the center of Lagos that will be linked with the rail to ensure this project works,” Emefiele said.
- “For avoidance of doubt, this project is costing the Bankers Committee by last estimate about $100 million and I must say that yes $100 million is about $100 million or more will be invested in this project, but it is going to be business where the monies will be realised again,” he added.
- Continuing, he said: “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, the new National Arts Theatre, he will also lay the foundation for the four verticals; the music, the movie, IT as well as the fashion hub”.
- “And for for information, every piece of land here every structure that is going to be standing here will be standing on pile almost about 46 meter pile. So it is very, very extensive work but we believe also that by the time President is about bowing out by May next year, he would come again and now re-commission not just the national upset, but the entire 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,” he added.
- Also speaking, Minister of Youth and Sports Development, Sunday Dare, said the greatest beneficiary of this project apart from the generality of Nigerians, are the youth who will benefit from the virtual spaces, the clusters that will come creative entertainment, among others.
- The Minister of Information, Culture, Lai Mohammed, said that a lot of work would have been done at the project site by the next inspection time of two months. “Once again, I want to express my appreciation to the CBN governor, the Bankers Committee, that have made it possible for us to have enough finance and of course to the governor of Lagos state because he is also providing the enabling environment in terms of rail transportation in terms of making use of the waterways. I want to assure you that from what we have heard today this will not be an abandoned project, this project will be commissioned before the end of this administration”.
- Lagos State Government, Babajide Sanwo-Olu said he was delighted at the commitment of the Bankers’ Committee to the project funding. ” We are indeed very excited, excited because if we speak from now till next year, if there is no funding, regular and appropriate funding to back it up, we will probably just all be scratching our head. On behalf of my entire millions of youths that are in Lagos I want to sincerely through the CBN Governor thank the bankers Committee.”
- Continuing, he said: “What all of this is about is still about creating that enabling environment. This whole project will not do everything. There is still going to be a whole lots 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.”
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“This in itself can further help us to deepening our GDP as a state, as a nation and continue to de-emphasize oil as the only source of revenue that we have and we can begin to export all of the talents that will be coming out of this place to the rest of Africa and the world.
The only reward for good work is simply more work. We are stretching in ourselves to see November, December deadline, they are really stretchy numbers and we will be here again in another two to three months and I am believing that we will see further advancement and further deliverables that will continue to make that closure, that realisation possible.” He stated.
, Mr. Godwin Emefiele has said the remodeling of the National Arts Theater will Bankers' Committee $100 mi){kind=link}