FEC Approves N21bn For National Theatre Renovation


From Segun Amure, (The New Diplomat’s Abuja Bureau)

The Federal Executive Council (FEC) on Wednesday approved a memorandum of understanding (MoU) between the Central Bank of Nigeria (CBN), and the ministry of Information and Culture for the renovation of the National Theatre in Iganmu, Lagos.



The National Theatre is to be renovated with N21 billion to be provided by the CBN.

The Minister of Information and Culture, Lai Mohammed said the approval for the renovation marks a landmark development in the creative sector as it has paved the way for more investment in the sector.

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Mohammed said: “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, 000, 000 jobs in the next three years from the creative industry.

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“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.”

“However, the Memorandum of Understanding is expected to last for a period of 21 years after which it will revert back to government.”

Lai Mohammed emphasized no job will be lost after the national theatre is renovated, adding that the “brand new national theatre, an event centre” will instead create more jobs.

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FEC also approved N9.43 billion to complete the Digital Switch Over (DSO) in broadcasting; N8.98 billion for a new national ICT park in the Federal Capital Territory (FCT) to coordinate public and private ICT hubs in Nigeria.

The council also approved a new national policy on aging which would take care of the needs of the aged people across Nigeria. In addition, FEC approved the ministry of water resources memo to construct Damaturu water supply project in Yobe state worth N8.43 billion.

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