Ten thousand jobs will be created as a result of the renovation of the National Arts Theatre, the Federal Government has said.

Minister of Information and Culture Lai Mohammed spoke on Sunday while handing over the edifice to the Central Bank of Nigeria (CBN) and the Bankers’ Committee.

CBN Governor Godwin Emefiele said the edifice would attract $20 billion annually to the economy after the remodelling is completed in 18 months.

Speaking at the event attended by Lagos State Governor Babajide Sanwo-Olu, his Deputy, Dr Obafemi Hamzat; Minister of Youth and Sports Development Sunday Dare; the Chairman of the Committee of Banks’ CEOs, Mr Herbert Wigwe, and the Permanent Secretary, Ministry of Information and Culture, Grace Isu Gekpe, among other dignitaries, Emefiele said the CBN-led Bankers Committee would inject N25 billion into the Creative Industries and Financing Initiative (CIFI. Part of the fund will be spent remodelling the theatre.

“Our goal is to support startups and existing businesses across these four pillars, as well as foster the development of a Nigeria Creative Industries Centre in four major cities in Nigeria.

“Towards the realisation of this objective, the Bankers Committee intends to support this creative venture with about N25 billion of initial funding.

“The National Theatre Iganmu, Lagos is expected to serve as the initial pilot for the Nigeria Creative Industries Centre.”