CBN, Bankers Excited As National Theatre Wears New Look After First Phase N65bn Renovation

CBN, Bankers Excited As National Theatre Wears New Look After First Phase N65bn Renovation

  • On social media, a video showing the impressive interiors of the renovated National Theatre has warmed the hearts of many Nigerians
  • The rehabilitation of the National Arts Theatre was led by the Central Bank of Nigeria, with assistance from the bankers' committee
  • The renovation, which began in 2019, will cost the CBN and its partners more than N65 billion and will be one of the Buhari's major accomplishments

Videos and pictures of the impressive new look National theatre Iganmu Lagos have emerged on social media.

The national edifice, which has been an eyesore for many years, was handed over to the Central Bank of Nigeria and the Bankers’ Committee by the federal government for renovation in July 2020, Vanguard reports.

The first phase of the rehabilitation is completed, and on Monday, played host to the United Nations World Tourism Organisation and Federal Government of Nigeria conference on “Linking tourism, culture, and the creative industries: Pathways to recovery and inclusive development,” between November 14 and 16, 2022.

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National theatre CBN bankers renovation
New look National theatre, Iganmu Credit: Ministry of Information
Source: Facebook

CBN speaks on National theatre renovation

According to a press statement signed by Osita Nwanisobi, CBN Director, Corporate Communications CBN and the Bankers’ Committee, in 2020, collectively agreed to invest over N65 Billion to rehabilitate the National Arts to return the edifice to its former glory.

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He added:

"Over the past 18 months, a complex rehabilitation project has rebuilt the heart of the National Theatre. More than 70 historic sculptures, mosaics, resin, brass and wood friezes, and stained-glass artworks form part of the original design, with each needing to be protected during renovation or, in some cases, removed and restored before being replaced.
“When the second phase of the rehabilitation works is complete in March 2023, the National Theatre will be restored to its original glory. A 5,000-seater main amphitheatre comparable to anything else in the world will sit at its heart, flanked by two world-class cinema rooms, banquet halls, and a library.

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Benefits of National theatre

Nwanisobi in its statement, also said the project was not just about restoring a building; but about creating an ecosystem of support for the creative sector as part of what is called the Lagos Creative & Entertainment Centre (LC&EC).

He said:

“The theatre will be at the heart of a more significant development of hubs focused on supporting emerging talent in the music, film, fashion, and IT sectors.
"The creative hubs are built on portions of land within the 44Ha site. The first phase, known as the “Signature Cluster” consists of a building each for Fashion, Music, Film, and IT and support facilities, including a 250-car park block, a police station, a fire station, and a visitors’ Welcome Centre which will house commercial and retail facilities, administration and management offices."

Naira starts Monday with a massive fall against dollar

In another report, the CBN of Nigeria has another headache as Naira lost all its value recovered at the black market last week.

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Many Nigerians who went to the black market to buy on Monday were surprised by the sudden change as Naira exchanged to the dollar above N700.

Experts have reacted to the current state of the market while speaking on the impact on Nigerians and companies.


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