Economy

Renovation of National Theatre will build up more resilient economy — Emefiele

Published

5 years ago

July 13, 2020

The Central Bank of Nigeria (CBN) in conjunction with the Bankers Committee has said that the National Arts Theatre, when renovated and fully operational, would lead to the build up of a more resilient economy.

The CBN Governor, Mr Godwin Emefiele, made the assertion at the official handover ceremony of the facility to the Bankers Committee for renovation on Sunday 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.

Emefiele noted that India, in 2018, generated over $240bn from exports of IT, Movies, Music and Fashion related goods and services which amounted to over five times Nigeria’s annual earnings from the sale of crude oil.

He said that Nigeria had the potential to earn over $20 bn annually from the creative industry with its human capital resources and an enabling environment that would harness the creative talents of her youths.

He said that with the growing demand for Nigerian music, movies and fashion, across Africa and in various parts of the globe, it’s creative industries were spurring innovation, creating jobs, and helping to shape perceptions of Nigeria, as a nation with a strong spirit of creativity and ingenuity.

Emefiele said: “We must do more to encourage the innovative works of these young talented Nigerians as they can make significant contributions to the growth and development of our country.

“Secondly, given our growing population of close to 200m people, out of which 60 per cent are under the age of 35, it is imperative that we strive to create opportunities that will keep our youths engaged, as it would portend great dangers for the progress of our nation if we allow these talents go to waste”.

The apex bank governor also said that the “Creative Industries Financing Initiative” which was set up in December 2018, was to support startups and existing businesses across the four pillars, as well as foster the development of a Nigeria Creative Industries Centre in four major cities in Nigeria.

He said that the committee would support the creative venture with about N25billion of initial funding.

According to him, the facility will serve as the initial pilot for the Nigeria creative industries centre.

He said that following the completion of the renovation works at the theatre, along with the supporting facilities that would be built around it, the committee intended to set up similar Creative Industries centres in Kano, Port Harcourt or Enugu.

Emefiele said that the supporting facilities include a hotel and an expansive conference centre,

He said the committee’s goal for the National Theatre was to create an environment where startups and existing businesses are rewarded for their creativity.

The CBN governor said the theatre would support skills acquisition and job creation for over one million Nigerians over the next five years.

He said: ” These Nigerians will be empowered with funds at single digit interest rate, high level training using state-of-the-art tools, and networks, that will enable them to turn their ideas into a reality.

“When they are able to achieve their objective of creating a new music product, a high-quality movie, an IT software application, or a fashionable outfit, the bankers committee will work to ensure that they are able to distribute their work on a larger scale”.

He said individuals would have the opportunity to showcase their work at the creative industries centre, which would expose them to domestic and external investors.

This, he said, could provide them with additional resources,which would enable production and expansion of their creative works.

He said that the supporting facilities such as retail outlets, hotels, entertainment centres, and an international conference centre would also help to reposition the centre as a viable location for high level international meetings and conventions.

Emefiele thanked President Muhammadu Buhari for handing over the facility to the Bankers Committee, assuring that these skills are harnessed to support the growth of the creative industries, and by extension the growth of the Nigerian economy. (NAN)

Related Topics:National Theater Renovation

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Economy

NNPCL has responded to queries on unaccounted N210trillion – Senate

Published

10 hours ago

October 8, 2025

Our Reporter

By Hassan Taiye

The Senate through its committee on Public Account declared Tuesday that the Nigerian National Petroleum Company ( NNPCL) , has responded to 19 queries raised against it in the Audit reports of 2017 to 2023.

The Committee had on the 29th of July this year , gave the Chief Executive Officer of NNPCL, Engineer Bayo Ojulari , three weeks to respond to the 19 queries on N210trillion yet to be accounted for, in the Audited account of National Oil Company .

Responding to questions from journalists at the close of plenary on Tuesday on whether NNPCL had responded to the queries or not , the Chairman of the Committee, Senator Aliyu Wadada ( Nasarawa West) said yes but explained that the responses were yet to be critically looked into .

He said : “While we were on recess, management of NNPCL wrote to the committee, requesting an extension of time to enable them compile data and respond comprehensively to the questions we raised — and we granted that request.

“They have since responded, and we now have answers to all 19 questions we sent to them.

“However, the report is yet to be presented before the committee. That is why, as chairman, I have refrained from making any public statement on the matter until it is properly laid before members.

“But let me assure you, as I promised earlier on behalf of the committee, we will do justice to the matter”.

He added that beyond the audited financial statements, there are other issues emerging around the NNPC.

According to him, the first of such issues is production sharing contracts — specifically, the production cost to Nigeria which must be clearly defined, and the public deserves to know what portion goes to the NNPC, what goes to the international oil companies (IOCs), and what accrues to the government under the production sharing arrangement.

“Furthermore, the committee has been informed that NNPC Retail has declared a loss.

“This development is also of concern to us and to the public. We find it difficult to understand why NNPC Retail should record a loss, but we will seek clarification when the corporation appears before us.

“As far as the audited financial statements are concerned — which cover the period between 2017 and 2023 — NNPC has submitted its responses to the 19 questions we asked. Nigerians and the media will be informed of the contents in due course.

“Out of those answers, the ones that make sense and those that do not will be evident to the public”, he stressed .

Economy

Nigerians to Pay More for Petrol as Fuel Prices Rise Nationwide

Published

1 day ago

October 7, 2025

Our Reporter

By: Fabian Apechihin

Nigerians are facing yet another spike in fuel prices as premium motor spirit (petrol) now sells for between ₦905 and ₦945 per litre across several filling stations in Abuja.

Checks on Monday, October 6, 2025, revealed that Nigerian National Petroleum Company Limited (NNPCL) retail outlets, along with Empire, AA Rano, and Shema filling stations, adjusted their pump prices upwards. Empire Filling Station in Gwarimpa reportedly sold petrol at the highest rate of ₦945 per litre.

Other stations, including MRS, Emedeb, Ranoil, and Eterna, dispensed petrol between ₦885 and ₦910 per litre.

Marketers Blame PENGASSAN Strike for Price Surge
The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributed the sudden hike to disruptions caused by last week’s strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).

IPMAN President, Abubakar Maigandi, explained that the price increase was largely due to supply interruptions. He noted that stations receiving supplies from Dangote Refinery were still selling between ₦885 and ₦895 per litre, adding that prices were expected to stabilize soon.

“The feud between Dangote Refinery and PENGASSAN may have triggered panic buying and artificial scarcity. I can assure you that prices will drop and return to normal in the coming days,” Maigandi said.

IPMAN spokesperson Chinedu Ukadike also confirmed that the PENGASSAN strike caused temporary shortages in Lagos and Abuja but expressed optimism that availability would improve as supply chains normalize.

Depot Prices Edge Up
Depot prices have reportedly risen slightly, with Dangote Refinery selling petrol at ₦844 per litre, Ranoil and Aiteo at ₦845, and NIPCO at ₦850 in Lagos.

The fuel price increase comes just days after Dangote Refinery and PENGASSAN resolved their dispute over the alleged mass dismissal of Nigerian workers, which led to a two-day strike. Federal Government intervention helped broker peace between both parties.

Dangote Refinery later thanked President Bola Ahmed Tinubu and other mediators for their role in ending the strike.

Shettima, PENGASSAN Trade Words
Meanwhile, Vice President Kashim Shettima, speaking at the 31st Nigerian Economic Summit (NES31) on Monday, criticized PENGASSAN, declaring that “Nigeria is bigger than the union.”

In response, PENGASSAN President Festus Osifo countered, saying the country is also “bigger than Dangote Refinery and the presidency,” emphasizing the union’s commitment to protecting Nigerian workers’ rights.

Economy

Tourism wearing a new face in Kwara: Commissioner

Published

1 week ago

September 28, 2025

Our Reporter

Urges Kwarans, foreigners to embrace it Stephen Olufemi Oni, Ilorin

Kwara State Government has continued to showcase the beauty of culture and traditional assets and its uniqueness in the daily lives of the citizens, urging the people to embrace it for development.

The State Commissioner for Communications, Hon. Bolanle Olukoju, had earlier in a broadcast, enjoined the people of the State, at home and in the diaspora, to embrace tourism as a tool for developmental progress to sustain transformational growth in line with the policy thrust of Mallam AbdulRahman AbdulRazaq’s-led administration.

The Commissioner made the call to mark the 2025 World Tourism day with the theme, ‘Tourism and Sustainable Transformation’, as declared by the United Nation’s World Tourism Organization(UNWTO).

According to Olukoju, tourism is more than travel, it is actually a way of supporting people, culture, and the environment while driving economic growth, urging all and sundry to explore the various tourist sites around them.

“Tourism is not just travel, it is about building a future where every journey contributes to people, culture and planet, it is about hospitality that opens our heart and also helps to preserve our heritage and create opportunities for growth and development”, She said.

The Commissioner, who was delighted that the Ilorin Emirate Durbar was recently ranked among the top ten festivals in Nigeria, celebrated Hajia Faridah Shagaya, who was recognised among Africa’s top tourism personalities, describing the recognitions as sources of pride for the state.

She commended the administration of Governor AbdulRazaq for investing in tourism and hospitality, citing projects such as the Visual Arts Centre, Flower Garden, and Sugar Factory Film Studios, among others, as commendable efforts.

She also announced that this year’s celebration includes a roundtable with stakeholders to advance discussions on the future of tourism in Kwara State.

“Tourism is wearing a new face, from the Sugar Factory Film Studio, the Visual Arts Centre and the improved road network to Owu Waterfalls and many more which are evident of his work and is gradually opening Kwara to the World”, she added.

The Commissioner, who was represented at the event by the Director, Personnel, Finance and Supply, Hajia Salamat Yahaya, assured that tourism will continue to receive priority attention under the present administration and urged all stakeholders to support the ongoing efforts to make Kwara a leading destination for culture, heritage, and hospitality.

In her remarks, the Secretary, kwara State Hospitality and Tourism Development Board, Hajia Ramat Akanni, applauded the present administration for priority attention given to the Board.

Hajia Akanni expressed optimism towards an enviable tourism and hospitality driven state, which she assured, would attract prospective investors and enhance revenue generation for the state.

She sought support and utmost compliance from hoteliers and relevant stakeholders to achieve the desired goals, pointing out that violators will face the full wrath of the law.

Relevant stakeholders and participants at the one-day event later visited Sobi Hills and the Kwara Sugar Film Factory as part of activities marking the celebration.

End