In a bid to transform the creative industry in Nigeria, the Federal Government has officially handed over the 134 acres of the National Arts Theatre and its fallow land to the Central Bank of Nigeria (CBN) and the Bankers’ Committee of Nigeria for repair and upgrade.

The Minister for Information and Culture, Lai Mohammed, while officially handing over documents that symbolically ceded the Arts Theatre to the Bankers’ Committee and the CBN for development in Iganmu, Lagos, on Sunday, said it is a private-public partnership aimed at creating more jobs for Nigerian youths.

Mohammed stated that the Federal Government has no intention of giving it to any individual, as no one is hijacking the project, adding that the job, which would be completed in 18 months’ time would also prepare the arts edifice to compete favourably with entertainment centres around the world.

He assured that the Federal Ministry of Information and Culture would continue to hold the keys to the arts theatre on behalf of Lagos State and the entire country.

Mohammed, who assured that there would be no job losses among employees of the Arts Theatre, added that rather, the project would create more jobs for Nigerian youths.

The development of the arts theatre, the Minister said, would be effected in four hubs, including music, Information Technology, fashion and film.

He noted that the project approved by President Muhammadu Buhari is a win-win contract, adding that for over 40 years, no meaningful job was done on the arts theatre.

The Minister thanked President Buhari, who he said believes in youth development, for signing the order to cede the arts theatre, adding that it will create jobs and help to curb youth unemployment in the nation.

Saying that the event marked a historic day in the annals of the creative industry, Mohammed assured that it remains an international heritage and enjoined all and sundry to support the project so that a befitting national heritage would be bequeathed to the Nigerian youths.

The state Governor Babajide Sanwo-Olu commended the President for the vision to revitalise the National Arts Theatre, describing Buhari as a president who understands that development needs to happen.

He said that Lagos State would benefit from the renovations. Describing the development as a synergy between the Lagos State and Federal Governments, Sanwo-Olu expressed optimism that in months to come, President Buhari would be invited to tour the edifice.

Acknowledging the place of IT in national development, Sanwo-Olu said there is no way Lagos can become a 21st Century asset if the National Arts Theatre is not revamped.

He also assured employees of the arts edifice that there would be no job losses, but promised that more jobs would be created through the project.

The governor said that the state government is collaborating with other sectors to realise the dreams of the youths through the creative industry, assuring that the National Arts Theatre would be turned into an asset that every Nigerian citizen would be proud of.

He promised that his administration’s readiness to support everything that is required to make the renovation happen.

Chairman, Committee of Banks’ Managing Directors/Chief Executive Officers, Hubert Wigwe, said the ceremony was the beginning of a well-structured approach to boost the creative industry, which provides jobs for youths.

The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, at the event, assured that it marked a transformation of the decadent past to a glorious era for the National Arts Theatre.

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