National Theatre Renovation: It Will Create One Million Jobs- CBN

By Olamilekan Alani

The Central Bank of Nigeria governor Godwin Emiefele said that the  National Arts Theater will generate one million jobs after its renovation.

He made the assertion at the official handover ceremony of the facility to the Bankers Committee for renovation in Lagos.

Emefiele said that the handover of the facility to the committee was timely, considering the external headwinds facing the country’s economy at the moment.

“The impact of COVID-19 on the global economy and the containment measures that have been put in place to contain the spread of the virus has led to a slowdown in global growth which has also affected the Nigerian economy.

“In addition to the public health challenge, our country is faced with a revenue shock primarily driven by the 40 per cent drop in crude oil prices between January 2020 and now.

“Given our dependence on crude oil as a major source of government revenue, as well as for our foreign exchange earnings, these challenges have served to reinforce the need for stakeholders to promote policies and programs that will enable greater diversification of the Nigerian economy.

“A diversified economy that supports increased productivity in the agriculture and manufacturing sectors, while harnessing the talents of our youths in the creative industries, will lead to the buildup of a more resilient economy, that is better able to withstand external shocks, while creating wealth and jobs for our growing population,” Emefiele said.

The CBN governor said that the renovation which would be completed in another 18 months, would have transformed the facility into Nigeria’s Creative Industrial Center.

According to him, the centre will be comparable to other world class entertainment and convention Centers in any part of the world.

He said that the centre which would comprise Music, Movies, Fashion and ICT, could be a key source of growth for Nigeria’s economy as it would create one million jobs for our teeming youth.

The apex bank Governor, said that it would aid the country’s objective of reducing dependence on revenues from crude oil.