National Arts Theatre rehabilitation to cost $100m

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said the project aimed at revamping the National Arts Theatre is costing the Bankers’ Committee $100m.

This was disclosed by the Governor of the Central Bank of Nigeria, Godwin Emefiele, at the ‘Arise Fashion 2021’ programme.

The Bankers’ Committee is expected to provide funding for a prototype cluster labelled, ‘The Signature Cluster’ which consists of a building each for music, film, fashion and information technology verticals.

“It is not just about resuscitating it; by the design of the National Art Theatre, what we do intend to do is to develop four creative hubs around the theatre.

“The National Art Theatre can contain in a particular gathering at least 7,500 people. We do hope that comes 2023 and onwards, we will begin to see these fashion shows being held around the premises of the National Art Theatre.”

Explaining the four hubs to be established, he said, “The hubs are the fashion hub, music hub, the film, and to support these, the IT, where we are going to have Nigeria’s young and talented IT developers, developing software to increase and earn revenue for themselves and also to support the revenue base of the country.

“We are trying to build infrastructure to support the creative industry in Nigeria.”

Emefiele noted that the country’s deposit money banks set up in 2020, the creative industry financing fund.

He said this was meant to make it possible for young and talented youths in the creative industry to raise finance to establish or grow their businesses. (Punch)