The Federal Government and the CBN/Bankers Committee, on Sunday February 14, 2021, signed a Memorandum of Understanding (MOU) for the revamping and restoration of the National Theatre.

The signing of the MOU and contract awards was witnessed by Governor, Babajide Sanwoolu of Lagos State, Governor of Central Bank of Nigeria, Godwin Emefiele, Honourable Minister of Information and Culture, Alhaji Lai Mohammed, Mr. Sunday Dare, Minister of Sports and Youths Development, CEO of Access Bank, Herbert Wigwe, General Manager/CEO of National Theatre, Prof Sunday Ododo and the Director of Legal Ministry of Information and Culture, Mr Nnanna Ibom,  in a very colour ceremony held at the Entrance ‘A’ of the National Theatre.

The CBN Governor stated that the Renovation project is expected to take 15 months to complete.

Speaking before the signing, the Honourable Minister of Information and Culture, Alhaji Lai Mohammed said the  renovation will not lead to a single job loss, rather it will lead to the creation of at least 10,000 direct jobs.

Aside, the restoration of the iconic edifice, the Lagos Creative and Entertainment Centre (LC&EC) is to be created inside the National Theatre. Complex. The LC&EC is to consist of four Hubs: Films, Music, IT and Fashion.

It will be recalled that this signing is the culmination of a journey that started July 12, 2020 when the National Theatre was officially handed over to the CBN and Bankers Committee to Revamp and Restore.

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