The federal executive council (FEC) on Wednesday, approved a memorandum of understanding (MoU) between the Central Bank of Nigeria (CBN), and the ministry of information and culture for the renovation of the National Theatre in Iganmu, Lagos state.
Minister of information and culture, Lai Mohammed made this known at the end of the weekly FEC meeting held in Abuja.
On July 12, 2020, the federal government handed over the national theatre to CBN and the bankers’ committee to signify the kick-start of the renovation process.
Lai Mohammed said the MoU would run through a period of 21 years after which government would take back management.
He noted that when completed, the renovated theatre would foster investment in the creative industry.
“This is a landmark approval because, it has paved the way for investment in the creative industry as part of the resolve of this government to create at least one million jobs in the next three years in the creative industry.
“The CBN and banker’s committee are willing to invest N21.894 billion to renovate, refurbish and commercialization (run it profitably) of the national theatre complex. The MoU has a life span of 21 years after which it will revert back to government,” he said.
The minister assured that no job will be lost after the national theatre is renovated, adding that the “brand new national theatre, an event centre” will instead create more jobs.