The Federal Government has approved the sum of N21 billion for the renovation of the National Theatre in Lagos.
The Minister of Information and Culture, Lai Mohammed, made this known at the end of Wednesday’s Federal Executive Council meeting.
Mohammed said the renovation money will be provided by the Central Bank of Nigeria, as a memorandum of understanding between the Federal Ministry of Information and the CBN has also been approved by the council.
“I sought and obtained an approval to execute a memorandum of understanding between the Federal Ministry of Information, the Central Bank of Nigeria (CBN) and the Bankers Committee worth N21 billion for the renovation of the National Theatre Iganmu, Lagos.
“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 1 million jobs in the next three years from the creative industry.
“The CBN through the Bankers Committee is willing to invest N21, 894, 000, 000 to renovate the National Theatre, refurbish it, and run it profitably,” he said.
The Federal government had on July 12, 2020, handed over the National Theatre to the CBN and the banker’s committee to commence the renovation process.
