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

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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)

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Economy

FGN Poised To Dismantle Kidnap Economy – General Laka

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From Lateef Taiwo

The Coordinator, National Counter Terrorism Centre, Office of the National Security Adviser (NCTC-ONSA), Major General Adamu Laka, has reaffirmed the commitment of the Federal Government of Nigeria (FGN) to ending kidnap economy in the country.

General Laka stated this while briefing newsmen on the activities of the Multi-Agency Anti-Kidnap Fusion Cell in collaboration with the United Kingdom – National Crime Agency on Tuesday in Abuja.

He said the centre had officially launched the State Expansion Programme of the Multi-Agency Anti-Kidnap Fusion Cell, bridging a critical gap between national security coordination and state-level tactical response.

The National Coordinator noted that kidnapping in Nigeria was no longer a random crime, but an industry being ran by sophisticated and well-armed criminal networks that thrive on fear and fund violence through ransoms.

According to him, the programme was aimed at dismantling that economy by connecting national strategy with boots-on-ground action.

He said the fusion cell was created in partnership with the United Kingdom’s National Crime Agency (NCA) to facilitate high-profile rescues and breaking up kidnapping rings across the country.

The national coordinator noted that kidnapping in Nigeria was no longer a random crime, but an industry being ran by sophisticated and well-armed criminal networks that thrive on fear and fund violence through ransoms.
According to him, the programme was aimed at dismantling that economy by connecting national strategy with boots-on-ground action.

He said the fusion cell was created in partnership with the United Kingdom’s National Crime Agency (NCA) to facilitate high-profile rescues and breaking up kidnapping rings across the country.

General Laka noted the cell had played key roles in supporting rescue operations, disrupting kidnapping networks, and improving interagency coordination.

According to him, experience has shown that while national coordination is crucial, state-level engagement is also indispensable.

“Too often, real-time intelligence, local knowledge, and operational readiness reside with field commands, while national coordination can only succeed when it is informed by ground realities.

“This is the primary purpose of this programme – to close the gap between national-level coordination and state-level response. Essentially, to build direct operational linkages between the Cell and state commands across the country,” Laka said.

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Economy

Food Security: Sanwo-olu Commended Over Launch of ₦500bn ‘Produce for Lagos’

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The Good Governance Campaign Forum (GGCF) has praised the Lagos State Government for launching the “Produce for Lagos” programme, describing this initiative and its ₦500 billion Offtake Guarantee Fund as a brilliant solution to the food insecurity challenges the nation faces.

The Forum issued this commendation in a statement signed by its Coordinator, Rahman Suleiman, on Wednesday, following the official unveiling ceremony of the program earlier in the week.

The program aims to transform Lagos’ food system and reduce the state’s dependency on external food sources, receiving positive recognition both within and outside the state for the Sanwo-Olu-led government’s efforts.

According to Suleiman, the initiative is timely and represents a pioneering collaboration between the Lagos State Government, the private sector, the Lagos Food Systems Infrastructure Company (LAFSINCO), Ekolog, and the Lagos Bulk Trading Company. He noted that this model is designed not only to enhance food production and logistics across the state but could also serve as a scalable framework for improving livelihoods and national resilience.

Suleiman shared insights from the Forum’s sampling of public opinion in Lagos and other states, indicating that people are pleased with the Lagos State Government’s strategic programs aimed at tackling hunger and starvation. He emphasized that a key component of the “Produce for Lagos” program is its data-driven approach, which will help address agricultural inefficiencies and strengthen value chains.

“Food security is a collective responsibility that we cannot afford to neglect as a nation,” Suleiman stated. “We are grateful to God for providing us with a leader like Sanwo-Olu, who is visionary, forward-thinking, and compassionate toward ordinary people.”

He commended Governor Sanwo-Olu for consistently setting benchmarks and leading by example in subnational governance. These achievements underscore the economic growth, infrastructural development, and urban planning efforts of the Lagos government.

“Governor Sanwo-Olu is a trailblazer; he has done exceptionally well, and we fully support his programs and policies. His work over the past six years speaks for itself,” he added.

Suleiman noted that this initiative, a partnership between the state government and the private sector, is expected to significantly boost agricultural production.

During the launch, Governor Sanwo-Olu also announced the deployment of a fleet of 150 cold and dry trucks—the largest of its kind—in partnership with the private sector.

Business mogul Tony Elumelu, who supported the project with ₦25 billion, stated that food security is crucial and expressed satisfaction with the collaboration between Lagos and other participating states.

Other prominent individuals at the event included Amir Kamel, Vice President of Afreximbank, and Michel Deleen, the Consul General of the Kingdom of the Netherlands, among other dignitaries.

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Economy

Constitution Amendment: Group Urges NASS, FG To Prioritise Restructuring, Regionalism

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… rejects the creation of new states

A prominent youth organization, the Youth Bureau, has urged the National Assembly to prioritize genuine restructuring of Nigeria, emphasizing regional autonomy and the establishment of State Police without further delay. This call comes as the legislature reviews the nation’s constitution.

The demand was articulated in the group’s Position Paper presented to the National Assembly Committee on Constitutional Amendment for the South-West Zone, which convened recently in Lagos.

In a statement signed by its Southern Coordinator, AbdulRahman AbdulRazaq, on Thursday in Lagos, the Youth Bureau also rejected calls for the creation of new states. The group warned that the Supreme Court’s judgment on local government contradicts their position, asserting that its implementation should be set aside. They believe only the State Government should have the authority to create local governments.

AbdulRazaq urged President Bola Ahmed Tinubu to prioritize comprehensive restructuring, as it is fundamental to effective governance and development. He encouraged the National Assembly Committee on Constitutional Amendment to make bold decisions that will have a positive impact on the populace.

He pointed out that the regional governments established in the late 1960s in Nigeria facilitated healthy governance and development, particularly under the Action Group government led by Chief Obafemi Awolowo in the Western Region. During that period, significant advancements were made in free education initiatives, healthcare infrastructure, industrialization, and overall infrastructure growth.

AbdulRazaq noted that the abolition of regional autonomy by the late General Aguyi Ironsi led to a unitary system of government, which resulted in excessive concentration of power in the central government, a lack of adherence to the rule of law, and restricted resource control and financial autonomy for the regions.

The Youth Bureau’s position paper includes the following demands and recommendations for the National Assembly Committee on Constitutional Amendment:

Our Demands

We urge the National Assembly Committee to consider the following:

  1. Genuine restructuring of the country based on regional autonomy.
  2. No need for the creation of additional states.
  3. The formation of State Police without further delay.
  4. Recognition that local government is a component of state government; the Supreme Court’s judgment on local government contradicts this principle, and its implementation should be set aside. Only the State Government should have the authority to create local governments.

Conclusion

We believe that a decentralized governance system founded on devolution and decentralization will ensure political and fiscal autonomy for its component units and promote equity among them. We urge President Bola Ahmed Tinubu to prioritize comprehensive restructuring and encourage the National Assembly Committee to make bold decisions that positively affect the citizenry.

Recommendations

  • Decentralize governance in theory, practice, content, and character.
  • Ensure equity among the component units.
  • Guarantee political and fiscal autonomy for the regions.
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