Nigeria's leading finance and market intelligence news report.

Revamping National Theatre will boost Lagos’ economy – Sanwo-Olu

Forty-four years after its establishment, the Federal Government on Sunday handed over the National Arts Theatre in Lagos to the private sector for a complete revamp and modernisation.

The national heritage, sitting on an expansive land in Iganmu area of Lagos, became an eyesore following years of facility deterioration occasioned by mismanagement and non-maintenance.

Moved by the need to restore the glory of the cultural edifice and turn around its capacity to develop creative industry, President Muhammadu Buhari recently approved the regeneration of the theatre through a public-private initiative.

Following the presidential approval, the handover event held on Sunday in the banquet hall of the theatre.

Lai Mohammed, minister of information and culture, officially transferred the monument to the Central Bank of Nigeria (CBN) and Bankers’ Committee – a team of private investors chaired by the CBN governor – for regeneration. The project is expected to be delivered in the next 18 months.

With the transferring of the theatre for revamping, Babajide Sanwo-Olu, Lagos State governor, said the effort had given the country an opportunity to harness its creative industry, which he described as a goldmine for revenue generation. He said Lagos, as centre for innovation, would benefit hugely from the monument’s revitalisation.

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).

“As the governor of the state where this national monument is sited, it gives me a great sense of joy to see 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,” he said.

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.

“There’s no way we can transform Lagos’ economy and make it 21st century-compliant if this national centrepiece is not re-engineered to develop our creative industry. Therefore, this revitalisation exercise speaks to our vision in the pillars of our development agenda,” he said.

The governor assured the investors and Federal Government that Lagos would be part of every process required to turn around the heritage.

On his part, the minister of information and culture described the handover ceremony as “historic” in the annals of creative sector, noting that President Buhari has achieved what his predecessors feared to do.

The minister said the National Theatre was established with the goal to enhance culture and generate revenue through creativity in performing arts. He regretted that the national monument was left to go moribund due to lack of maintenance and investment.

Mohammed said the revamping project was a win-win endeavour for the government and the private partners that took up the project.

He added that the Federal Government would continue to own the monument as public asset, assuring that the regeneration exercise would not lead to employees’ retrenchment.

“Contrary to what naysayers are peddling, no one is hijacking the National Arts Theatre. It remains our national heritage. This public private partnership is a win-win for us. It will turn this iconic edifice into a modern masterpiece through which we will retain existing employment and create massive jobs for our youths. I urge all citizens to support the regeneration project so that we can bequeath a functioning national arts theatre to the coming generations,” he said.

Whatsapp mobile

Get real time updates directly on you device, subscribe now.