National Theatre Handover Will Boost Lagos Economy, Says Sanwo-Olu

Lagos State Governor, Babajide Sanwo-Olu, has lauded the handover of the National Arts Theatre to private investors for renovation and modernisation.

The governor, who said this on Sunday at the handover ceremony witnessed by the Minister of Information and Culture, Alhaji Lai Mohammed; Governor of Central Bank, Godwin Emefiele and others, stressed that the decision would boost the economy of the state.

The Minister of Information and Culture officially transferred the monument to the Central Bank of Nigeria and Bankers’ Committee – a team of private investors chaired by the Governor of CBN – for regeneration. The project is expected to be delivered in the next 18 months.

With the transfer of the theatre for revamping and modernisation, Sanwo-Olu said the effort had given the country an opportunity to harness its creative industry, which he described as a gold mine for revenue generation.

He said Lagos, as centre for innovation, would benefit hugely from the monument which was built over 40 years ago.

Sanwo-Olu said harnessing the potential of creative industry remained vital to diversifying the national economy and transforming the Lagos economy to be 21st century compliant, adding that a modernised National Arts Theatre would empower innovative youth across the country to develop creative skills in fashion, performing arts, music and Information and Communication Technology (ICT).

He said, “As the governor of the state where this national monument is sited, it gives me a great sense of joy to see that the National Arts Theatre is being revitalised. When the conversation around setting up the biggest black heritage started in the 1970s, Lagos was the centre of the discussion.

“It feels good to see that the conversation around revitalising the monument turning it around for the generations to come is taking place in Lagos. Everyone of us growing up about 30 to 35 years ago knew what the national theatre stood for. Given that we have had good times in this monument, it would be shame on all of us if we didn’t do what we are doing today and leave this national heritage to die.”

Sanwo-Olu observed that before the move by the Federal Government to revamp the theatre, Lagos Government had deployed resources to modernise the areas around the monument, pointing out that the state built a Light Rail station in the theatre.

The governor said synergy between the State and Federal Government in equipping the monument with Light Rail station is an asset that would help in mass transportation in and out of the edifice when the revamping is completed.

The CBN governor, Emefiele, said the partnership would transform the monument to a world-class arts and entertainment centre.

Emefiele said the handing over of the theatre to private investors was timely, given the challenges facing the economy that earns revenue from single source.

The CBN boss said the nation had the potential to generate annual revenue of $20 billion from creative industry, stressing that such could help cushion the effect of instability on the national economy.

He said, “Upon completion in another 18 months, this entire area would have transformed into a creative centre which will only be comparable to world-class entertainment and convention centres in this part of the world.

“Our goal to revamp this National Arts Theatre is to create an environment where startups and existing businesses can be rewarded for their creativity. When the renovation is completed, this monument will support skill acquisition and creation of jobs for over one million Nigerians over the next five years.”

Minister for Sports and Youth Development, Mr. Sunday Dare, said the partnership was another giant step by the Buhari administration to strengthen the youth and invest in their creativity.