CBN, banks move to revive moribund National Theatre

The Central Bank of Nigeria (CBN) and the nation’s banking industry, under the aegis of Bankers Committee, yesterday, formerly declared their commitment to reviving the moribund National Arts Theatre, Lagos, using their funds.

The bankers said they would use their newly introduced Creative Industry Financing Initiative (CIFI), which has already earmarked N22b as takeoff capital to pursue the revival of the 40-acre national asset that has become a relic

Using the Agribusiness, Small and Medium Enterprises Investment Scheme (AGSMEIS), through which the banks set aside five per cent of their profit after tax yearly, the goal is to support startups and existing businesses in the creative industry space, as well as the development of creative industry parks across three major cities in Nigeria.

The CBN Governor, Godwin Emefiele expressed hope that if the facility is developed, it would will be 10 times better than the kind of convention centers seen in many parts of the world and would attract international attention.

Noting that Nigeria has almost 200 million people, growing at close to 2.8 per cent yearly, relative to our economy, which grew at close to two per cent in 2018, he said that close to 60 per cent of the population was under the age of 35, indicating that we have a youthful population that needs to be engaged.

He expressed regrets that many educated youths from universities were without employment, while some of them were unleashing their creative talents in creating jobs, not only for themselves, but also for others through the music, movie, fashion and IT skills.

Noting that Nigeria has almost 200 million people, growing at close to 2.8 per cent yearly, relative to our economy, which grew at close to two per cent in 2018, he said that close to 60 per cent of the population was under the age of 35, indicating that we have a youthful population that needs to be engaged.

He expressed regrets that many educated youths from universities were without employment, while some of them were unleashing their creative talents in creating jobs, not only for themselves, but also for others through the music, movie, fashion and IT skills.


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