Minister of Information and Culture, Lai Mohammed,on Wednesday said the renovation of National Theatre in Lagos will cost N21 billion.
Lai Muhammed who disclosed this aat the end of Wednesday’s FEC meeting said it has been approved
According to him, the money for the renovation is expected to be provided by the Central Bank of Nigeria (CBN).
In a report obtained from Premium Times Mr Mohammed said the FEC approved the execution of a memorandum of understanding between the Federal Ministry of Information and the CBN.
“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,” he said.
“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.”
In his remarks, the minister also said no job will be lost because after the National Theater is renovated, a special purpose vehicle will be created to run it.
He also added that It cannot be business as usual.
@Premium Times
