The Central Bank of Nigeria (CBN) and the Bankers’ Committee on Sunday signed Memorandum of Understanding (MoU) and contract awards for the restoration and refurbishment of the National Arts Theatre, Iganmu, Lagos.
The signing brings to fruition the commitment made by the regulator and the Banks head a year and a half ago.
National Arts Theatre is one of the most iconic buildings in Nigeria built nearly 45 years ago.
Speaking at the official signing of the MoU, Godwin Emefiele, governor of the CBN, said the Bankers’ Committee is providing funding for a prototype cluster located to the north of the National Arts Theatre, a development which he labelled the “Signature Cluster”.
He said the facility will be a convenor – providing space, support network, business development and community engagement for the creative, cultural and technology sectors. The Signature Cluster will consist of a building each for Music, Film, Fashion and Information Technology verticals. In addition, a Welcome/Visitor’s Centre, Police and Fire Stations, and structured parking for up to 500 vehicles will be built.
Consequently, he said the 44 Hectare site adjourning the National Theatre will be developed and utilised for the development of purpose-built creative hubs for the Fashion Industry, Music and Film as well as Information Technology (IT).
The aim is to deliver a successful Creative and Entertainment city that will encourage additional investment into Nigeria’s creative industry.
In addition to the four signature buildings, Emefiele said other support facilities which include multi-storey parking to accommodate 500 cars (the National Theatre currently has dedicated parking for 250 cars), a police station, a fire station and a visitors’ Welcome Centre would be built.
“To ensure the National Arts Theatre and the adjoining entertainment hubs retain its decent and magnificent ambience, upon completion, the Ministry of information and the CBN/ Bankers committee will ensure that the edifice is managed by a world class Facility Manager to be appointed using competent/ reputable consultants,” Emefiele said.
The main contractor for the project is Cappa & D’Alberto Limited, the Electrical Sub Contractor is Nairda Limited, while the Mechanical Sub Contractor is VACC Limited.