The Central Bank of Nigeria and the Deposit Money Banks have disclosed their plans to transform the National Theatre at Iganmu in Lagos and make it a vibrant tourist centre.
The CBN Governor, Godwin Emefiele, who disclosed this on Monday during the Creative Nigeria Summit in Lagos, also said that the apex bank would soon release N22bn to the creative industry.
The banks are expected to officially inaugurate the project on Wednesday.
In this new drive to support the creative arts, areas to attract funds include movie, music, fashion, and the Information Communications Technology.
Emefiele said this was part of the banking sector’s efforts to harness the innovative and creative energy of the youths, towards enabling them to create productive ventures that would support improved wealth and job creation in Nigeria.
He said, “Using the Agri-Business/Small and Medium Enterprises Investment Scheme fund, through which the banks set aside, on an annual basis, five per cent of their profit after tax, our goal is to support start-ups and existing businesses in the creative industry space.
“So far, the CBN and the Bankers Committee intend to support this creative venture with N22bn of initial funds. Part of our efforts in the music and movie industry will be to support young entrepreneurs in the development of digital content at the park.”
