The Federal Executive Council approved a Memorandum of Understanding between the Ministry of Information and Culture and the Central Bank of Nigeria as well as the Bankers’ Committee for the renovation of the National Theatre, Iganmu, Lagos.

The Minister of Information and Culture, Lai Mohammed, disclosed this to State House correspondents at the Presidential Villa, Abuja after a meeting of the council presided over by the President Muhammadu Buhari.

Mohammed said the CBN and Bankers’ Committee were willing to invest N21.89bn to renovate the National Theatre complex. He said the MoU provided that they would run the facility for 21 years before returning it to the Federal Government.

Describing the development as ‘a landmark approval’, the minister said it would pave the way for investment in the creative industry as part of the resolve of the present regime to create at least one million jobs in the industry in the next three years.

Mohammed said, “The President had in 2020 given approval to the CBN and the Bankers’ Committee to develop, refurbish, renovate the National Theatre and at the same time take over the adjoining lands to create a veritable creative industry where there will be four hubs: one each for films, music, IT and fashion.