Connect with us


Renovation of National Theatre will build up more resilient economy — Emefiele



Renovation of National Theatre will build up more resilient economy — Emefiele

The Central Bank of Nigeria (CBN) in conjunction with the Bankers Committee has said that the National Arts Theatre, when renovated and fully operational, would lead to the build up of a more resilient economy.

The CBN Governor, Mr Godwin Emefiele, made the assertion at the official handover ceremony of the facility to the Bankers Committee for renovation on Sunday in Lagos.

Emefiele said that the handover of the facility to the committee was timely, considering the external headwinds facing the country’s economy at the moment.

“The impact of COVID-19 on the global economy and the containment measures that have been put in place to contain the spread of the virus has led to a slowdown in global growth which has also affected the Nigerian economy.

“In addition to the public health challenge, our country is faced with a revenue shock primarily driven by the 40 per cent drop in crude oil prices between January 2020 and now.

“Given our dependence on crude oil as a major source of government revenue, as well as for our foreign exchange earnings, these challenges have served to reinforce the need for stakeholders to promote policies and programs that will enable greater diversification of the Nigerian economy.

“A diversified economy that supports increased productivity in the agriculture and manufacturing sectors, while harnessing the talents of our youths in the creative industries, will lead to the buildup of a more resilient economy, that is better able to withstand external shocks, while creating wealth and jobs for our growing population,” Emefiele said.

The CBN governor said that the renovation which would be completed in another 18 months, would have transformed the facility into Nigeria’s Creative Industrial Center.

According to him, the centre will be comparable to other world class entertainment and convention Centers in any part of the world.

He said that the centre which would comprise Music, Movies, Fashion and ICT, could be a key source of growth for Nigeria’s economy as it would create one million jobs for our teeming youth.

The apex bank Governor, said that it would aid the country’s objective of reducing dependence on revenues from crude oil.

Emefiele noted that India, in 2018, generated over $240bn from exports of IT, Movies, Music and Fashion related goods and services which amounted to over five times Nigeria’s annual earnings from the sale of crude oil.

He said that Nigeria had the potential to earn over $20 bn annually from the creative industry with its human capital resources and an enabling environment that would harness the creative talents of her youths.

He said that with the growing demand for Nigerian music, movies and fashion, across Africa and in various parts of the globe, it’s creative industries were spurring innovation, creating jobs, and helping to shape perceptions of Nigeria, as a nation with a strong spirit of creativity and ingenuity.

Emefiele said: “We must do more to encourage the innovative works of these young talented Nigerians as they can make significant contributions to the growth and development of our country.

“Secondly, given our growing population of close to 200m people, out of which 60 per cent are under the age of 35, it is imperative that we strive to create opportunities that will keep our youths engaged, as it would portend great dangers for the progress of our nation if we allow these talents go to waste”.

The apex bank governor also said that the “Creative Industries Financing Initiative” which was set up in December 2018, was to support startups and existing businesses across the four pillars, as well as foster the development of a Nigeria Creative Industries Centre in four major cities in Nigeria.

He said that the committee would support the creative venture with about N25billion of initial funding.

According to him, the facility will serve as the initial pilot for the Nigeria creative industries centre.

He said that following the completion of the renovation works at the theatre, along with the supporting facilities that would be built around it, the committee intended to set up similar Creative Industries centres in Kano, Port Harcourt or Enugu.

Emefiele said that the supporting facilities include a hotel and an expansive conference centre,

He said the committee’s goal for the National Theatre was to create an environment where startups and existing businesses are rewarded for their creativity.

The CBN governor said the theatre would support skills acquisition and job creation for over one million Nigerians over the next five years.

He said: ” These Nigerians will be empowered with funds at single digit interest rate, high level training using state-of-the-art tools, and networks, that will enable them to turn their ideas into a reality.

“When they are able to achieve their objective of creating a new music product, a high-quality movie, an IT software application, or a fashionable outfit, the bankers committee will work to ensure that they are able to distribute their work on a larger scale”.

He said individuals would have the opportunity to showcase their work at the creative industries centre, which would expose them to domestic and external investors.

This, he said, could provide them with additional resources,which would enable production and expansion of their creative works.

He said that the supporting facilities such as retail outlets, hotels, entertainment centres, and an international conference centre would also help to reposition the centre as a viable location for high level international meetings and conventions.

Emefiele thanked President Muhammadu Buhari for handing over the facility to the Bankers Committee, assuring that these skills are harnessed to support the growth of the creative industries, and by extension the growth of the Nigerian economy.

Edited By: Bolaji Buhari/Oluwole Sogunle (NAN)

Lydia Ngwakwe: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]

Juventus give Pirlo his first manager’s role 332 evacuees arrive Nigeria from London – NiDCOM Lewandowski dazzles as Bayern crush Chelsea to reach last eight Messi helps Barcelona sink Napoli to reach last 8 COVID-19: Lagos discharges 27 Nigerians, 5 foreigners Amosun pays tributes to late Kashamu Buhari mourns Kano businessman, Shehu Rabi’u Abiodun, Obasanjo mourn Kashamu Delta PDP returns Esiso as state chairman  Senate President Lawan sponsors wedding for 300 less-privileged, orphans in Yobe  Niger Govt. seeks establishment of Naval base to tackle banditry Makinde mourns PDP chieftain 2023: We can’t be distracted, political gladiators must exercise restraint -Okowa Nasarawa Assembly to appeal judgement nullifying former SSG’s indictment INEC inaugurates election result viewing portal New Nasarawa NMA Chairman pledges to eliminate quackery BUK Council approves appointment of Abbas as new VC A’Ibom govt discharges 26 COVID-19 patients from isolation centre Ex-minister Babatope, says shattered by Kashamu’s death Buhari mourns ex-Federal Commissioner, Olumide NEPZA key to national economic recovery – MD Osinbajo visits Ajimobi’s widow, pays tributes to late governor LAWMA arrests 13 cart pushers for environmental laws violation Nasarawa Assembly accuses LG Chairman of insubordination Ize-Iyamu: Sack your governors, senators facing corruption charges, Presidency tells PDP Congress: Abia PDP elects new executive 2023: I will not choose my successor- Gov Umahi declares Climate change: Group tasks communities, schools on tree planting Exam malpractice: COVID-19 will check ‘giraffing’ among students — Umahi PDP Congress: Nnamani, others return unopposed in Enugu  Insurgency: Ndume solicits community, political leaders support for military Killers of village head, Immigration officer arrested in Nasarawa – Gov. Sule Don’t bottle-feed your children, practice exclusive breastfeeding, Abia Govt official tells mothers Mobile Police training school will enhance security in Nasarawa- Gov. Sule Edo 2020: APC admonishes supporters against violence COVID-19: Kwara receives N100m grant from W/Bank FG begins feasibility study for Brass Shipyard project Judicial system integrity pivotal to all spheres of society -Osinbajo INEC appoints new REC, Administrative Secretary for Bayelsa Katsina State  Govt urges communities to provide intelligence information on banditry, criminal activities Human rights activist calls for action to stop killings in Southern Kaduna Expert urges shipowners to negotiate with AMCON to forestall foreclosure FG spends N14bn on CCT, school feeding in Jigawa within 29 months PDP supporters in Dogara’s hometown defect to APC, say former Speaker, their ‘political godfather’ Rotary Club plant trees against climate change impact in Abuja NiDCOM chief mourns basketball player, Michael Ojo Beware of scammers, Ekiti varsity cautions admission seekers Senate President sponsors marriage of 100 less-privileged spinsters in Yobe, 200 more to benefit Edo 2020: Oba of Benin calls for peaceful campaigns, election NAF commissions 114 medics, as President Buhari demands absolute loyalty to Nigeria