FG hands over National Theatre to CBN, Bankers’ Committee

The Federal Government on Sunday officially handed over the National Theatre in Lagos to the Central Bank of Nigeria (CBN) and the the Bankers’ Committee.

This is further to the Creative Industry Financing Initiative (CIFI) announced at the Bankers’ Committee retreat in 2018.

At the handover ceremony, Godwin Emefiele, governor of the CBN, said Nigeria has the potential to earn over $20bn annually from the creative industry and that the creative industry centre is expected to create over 1 million jobs in five years.

“Our goal for the National Theatre is to create an environment where startups and existing businesses are rewarded for their creativity,” Emefiele said.

He said the National Theatre, when fully renovated, would be able to support skills acquisition and job creation for over 1 million Nigerians over the next five years.

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“These Nigerians will be empowered with funds at single-digit interest rate, high level training using state-of-the-art tools, and networks that will enable them to turn their ideas into a reality,” Emefiele said.

He said the creative industry centre, which comprises music, movies, fashion and ICT, could be a key source of growth for the economy creating up to 1 million jobs for the teeming youths.

“It will also aid our objective of reducing our dependence on revenues from crude oil. India, for example, in 2018, generated over $240bn from exports of IT, movies, music and fashion-related goods and services. This amount is over five times our annual earnings from the sale of crude oil.

“With our human capital resources and an enabling environment that will help harness the creative talents of our youths, Nigeria has the potential to earn over $20bn annually from the creative industry,” he said.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.