Revamping Of National Theatre Pivotal To Lagos Economy — Sanwo-Olu

The Lagos state government has lauded the handling over of the National Arts Theatre in Lagos State to the private sector by federal government.

He said the move would give the country and Lagos state the opportunity to fully untapped the prospects in the creative and entertainment industry, which he described as a gold mine, for revenue generation.

In furtherance of its drive to harness the plethora of opportunities in the creative and entertainment industry and also boost the economy of country, the federal government on sunday concession the National Arts Theatre to the private sector.

The imposing edifice and architectural masterpiece which was built some forty-four years ago, alongside other monuments and buildings to host the festival of art and culture (FESTAC), has fallen into a state of disrepair and dilapidation.

As part of its effort to restore the lost glory of the edifice which, like many other government facilities and public properties, has now become an eyesore  due to palpable lack of maintenance culture and years of negligence and mismanagement was handed over to the private investors for a total retrofit, revamp and modernisation.

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The hand over was sequel to President Muhammadu Buhari approval of 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.

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

Speaking at the hand over,  Sanwo-Olu said Lagos, as centre for innovation, would benefit immensely from the monument’s resuscitation.

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).

He said: “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 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.”

Sanwo-Olu note that before the Federal Government decision 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 added that collaboration 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.

He said: “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.”

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

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