The FEC has approved an MoU between the Ministry of Information and the CBN, Bankers Committee for the renovation of the National Theatre.
The Federal Executive Council (FEC) has approved a Memorandum of Understanding (MoU) between the Ministry of Information and Culture and the Central Bank of Nigeria (CBN) Bankers Committee for the renovation of the National Theatre, Iganmu Lagos.
This was disclosed by the Minister of Information and Culture, Lai Mohammed after the council met on Wednesday.
The minister disclosed that the CBN is expected to provide about N21. 89 billion for the refurbishment of the asset and is expected to manage it for few years before handing it over to the government.
He explained that the development 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 in the creative industry.
He said, “President had in 2020 gave approval to the CBN and the Bankers Committee, to develop, refurbish, renovate the National Theater and at the same time take over the adjourning lands.
“The important thing is that no job will be lost because after the National Theater is renovated, a special purpose vehicle will be created to run it.”
–Punch
