The Federal Government has given nod to the renovation of the National Theatre, Iganmu, Lagos by the Central Bank of Nigeria as well as the Bankers’ Committee for the renovation.
The Memorandum of Understanding signed between the Ministry of Information and Culture and the Central Bank of Nigeria as well as the Bankers’ Committee was approved by the FEC on Wednesday.
The Federal Executive Council on Wednesday approved a Memorandum of Understanding between the Ministry of Information and Culture and the Central Bank of Nigeria as well as the Bankers’ Committee for the renovation of the National Theatre, Iganmu, Lagos.
The Minister of Information and Culture, Lai Mohammed, disclosed this to State House correspondents at the Presidential Villa, Abuja after a meeting of the council presided over by the President, Major General Muhammadu Buhari (retd.).
Mohammed said the CBN and Bankers’ Committee were willing to invest N21.89bn to renovate the National Theatre complex.
He said the MoU provided that they would run the facility for 21 years before returning it to the Federal Government.
Mohammed said, “The President had in 2020 given approval to the CBN and the Bankers’ Committee to develop, refurbish, renovate the National Theatre and at the same time take over the adjoining lands to create a veritable creative industry where there will be four hubs: one each for films, music, IT and fashion.
“The memo today (Wednesday) was for the Federal Ministry of Information and Culture to enter into a Memorandum of Understanding for the refurbishment of the National Theatre,” he said.
