The Federal Government has officially handed over the National Arts Theatre to the Central Bank of Nigeria’s Bankers’ Committee, with a robust plan to rehabilitate the national asset.

The Bankers’ Committee is planning to use the Creative Industry Financing Initiative, with over N20 billion already earmarked as take-off capital, for the redevelopment of the 40-acre national asset.

The CBN Governor, GODWIN EMEFIELE, gave an assurance that the National Arts Theatre would go through a transformation into a world-class facility.

EMEFIELE explained that the challenges posed by the coronavirus pandemic have further necessitated the need for the Federal government to diversify its income generation avenues.

Ahead of its rehabilitation, the Federal Government and Lagos State government said the new plan was to turn the dead asset to an Information Technology, fashion, and entertainment goldmine.