Emefiele: National Theatre Refurbishment Cost $100 Million, Expected To Be Completed In November.
The ongoing reconstruction of the National Arts Theatre, according to Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), is worth roughly $100 million in funding.
The facility was turned over to the CBN and the Bankers’ Committee by the federal government in July 2020.
On Saturday, Emefiele said foreign investors have indicated interest in the project.
“For the avoidance
of doubt, the bankers’ committee estimates that this project will cost around $100 million. More money will be invested in this initiative, but it will be a business where the money will be recovered,” Emefiele told NAN.
“I’m delighted that international investors have already expressed an interest.
“I’d want to state for the record that we’ve gotten inquiries from investors in the United States who want to look at not only the National Arts Theatre, but also the creative prospects that we’re generating around here.”
“So, I must say, this is exciting for both the Bankers’ Committee and the Central Bank of Nigeria.”
President Muhammadu Buhari, according to Emefiele, would lay the foundation for the four verticals — the music, film, information technology, and fashion center – on the day of the inauguration.
He expressed his gratitude to the Lagos government for its active support of the project, noting that he was encouraged by the progress made thus far.
“I’m getting thrilled because we’re hoping to have some programs and worldwide events hosted in this complex before the end of the year,” he said.
“We’ll be talking to an arts gallery, and ideally by the end of the year, we’ll be able to put an arts show into this complex because we know it’ll be ready by November.”
“So, in November, we
can start bringing this place back to us, and then breathe new life into the Nigerian tourism business, particularly in Lagos state.”
Lai Mohammed, the minister of information, also spoke, praising the Bankers’ Committee for providing financing for the initiative.
Mohammed also expressed gratitude to the Lagos administration for creating an enabling environment, particularly in the areas of rail transit and waterway utilization.
“Based on what we’ve seen,” he stated, “a lot of work has been done here since our last visit in December 2021.”
“We’re happy with the progress we’ve made so far. We have high hopes. We’ve made it across the Rubicon.
“By the time we return in two months, we’ll all see that a lot of work has been buried.”
The project, according to Lagos Governor Babajide Sanwo-Olu, will help the state’s gross domestic product develop even further (GDP).
