Business

Foreign investors indicate interest in National Theatre as renovation gulps $100m

Published

3 years ago

April 3, 2022

Project ready in November – CBN governor

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says the ongoing renovation of the National Arts Theatre has gulped about $100 million.

Speaking on the project on Saturday, Emefiele said foreign investors had also expressed interest.

In July 2020, the Federal Government handed over the facility to the CBN and the Bankers’ Committee.

Emefiele said, “For avoidance of doubt, this project is costing the bankers’ committee, by last estimates, about $100 million. More will be invested in this project, but it is going to be a business where the monies will be realised again,” NAN quoted Emefiele as saying.

“I’m happy that foreign investors are already showing interest.

“I want to place it on record that we have received enquiries from the United States from investors who have said that they are interested in taking a look at not just the National Arts Theatre, but also the creative opportunities that we are developing around here.

“So, I must say that this is exciting for us at the Bankers’ Committee and also at the Central Bank of Nigeria.”

Emefiele said President Muhammadu Buhari would, on the day of the inauguration, lay the foundation for the four verticals –- the music, the movie, IT and fashion hub.

He thanked the Lagos government for actively supporting the project, adding that he was excited with the progress made so far.

The CBN governor said, “I am getting excited because we are hoping that by the end of this year, there will be some programmes and global activities which will be hosted in this complex.

“We would be talking to arts gallery and hopefully by this year, we can bring the arts exhibition into this complex because we know that by November, this place will be ready.

“So, in November, we can begin to bring this place back to us again, and then put life into the tourism sector in Nigeria and particularly in Lagos state.”

Also speaking, Minister of Information, Lai Mohammed, commended the Bankers’ Committee for providing the funding for the project.

Mohammed also thanked the Lagos government for providing the enabling environment, especially in the areas of rail transportation and the usage of the waterways.

“From what we have seen, a lot of work has been undertaken here since our last visit in December 2021,” he said.

“We are satisfied with the progress that has been made. We are hopeful. And we have crossed the rubicon.

“By the time we come back in two months time, we will all see that a lot of work has been buried under.”

Lagos State Governor, Babajide Sanwo-Olu, said that the project would further help grow the state’s gross domestic product (GDP).

Related Topics:Featured foreign investors National Theatre

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PH refinery: 200 trucks will load petroleum products daily, says Presidency

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15 hours ago

November 26, 2024

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PH refinery: 200 trucks will load petroleum products daily, says Presidency

No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.

A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.

Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.

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Breaking: CBN increases interest rate to 27.50%

Published

16 hours ago

November 26, 2024

Trends Admin

Breaking: CBN increases interest rate to 27.50%

The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.

This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.

The Monetary Policy Rate measures the benchmark interest rate.

The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.

He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.

The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.

Business

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Published

20 hours ago

November 26, 2024

Trends Admin

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.

The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.

The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.

“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.

“The unemployment rate among males was 3.4% and 5.1% among females.

“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”

Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.

Employment rate – 76%

The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.

“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.

Self-employment – 85.6%

The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.

It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”