FG, CBN Sign MoU to Revamp National Theatre

By Modupe Gbadeyanka

A Memorandum of Understanding (MOU) for the Revamping and Restoration of the National Theatre in Iganmu, Lagos, has been signed.

The deal was signed on Sunday, February 14, 2021, between the federal government and the Central Bank of Nigeria (CBN)/Bankers Committee.

This followed the approval of the Federal Executive Committee (FEC) on Wednesday, February 10, 2021, for the transformation of the national asset built for the Festac 77.

Before the signing of the deal today in Lagos, on July 12, 2020, the federal government officially handed over the National Theatre to the CBN and Bankers Committee repairs.

It was gathered that MoU signing and award of contract for the project witnessed on Sunday by the Governor Babajide Sanwoolu of Lagos State; the Minister of Information and Culture, Mr Lai Mohammed; the Minister of Sports and Youths Development, Mr Sunday Dare and the Governor of CBN, Mr Godwin Emefiele.

Others present were the CEO of Access Bank, Mr Herbert Wigwe; the General Manager/CEO of National Theatre, Prof Sunday Ododo; the Director of Legal at the Ministry of Information and Culture, Mr Nnanna Ibom, amongst others.

The National Theatre, when completed, would be one of the best event centres in Africa. It will also have the Lagos Creative and Entertainment Centre (LC&EC), which will comprise four hubs: films, music, information technology and fashion.

Speaking at the signing ceremony today, the Minister of Information and Culture assured that there would not be a single job loss, rather, the project would create no fewer than 10,000 direct jobs.

In his remarks, the CBN Governor disclosed that the renovation of the National Theatre would take 15 months to complete, assuring that the edifice would be one Nigerians would be proud of.

Business Post reports that the construction of the National Theatre was started by the military regime of General Yakubu Gowon and completed during the military regime of Olusegun Obasanjo in 1976 ahead of the Festival of Arts and Culture (FESTAC) in 1977.

The facility a 5,000-seater main hall with a collapsible stage and two capacity cinema halls, all of which are equipped with facilities for simultaneous translation of 8 languages; among others. But for many years, the National Theatre was abandoned and left to rot away.