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How National Arts Theatre Renovation Will Generate About 10,000 Jobs For Nigerian Youths

Good news for Nigerian youths as the recent partnership of the federal government with the Central Bank of Nigeria (CBN) on the renovation of the country’s national theatre has been projected to create about 10,000 jobs.

Nigeria over the years has been the leading creative entertainment hub of Africa , the rehabilitation of the National theatre which use to be the house of these creative in Nigeria will further enhance the country’s economy growth.

With the alarming level of unemployment in Nigeria, the unemployment rate is pegged at 33.5%, with a lot of graduate staying home without jobs or engaging in menial jobs for survival. This new project by the CBN will create more jobs, about 6,000 jobs is projected during the construction phase, while the completed project could generate up to an additional 600 permanent and 2000 to 3000 call-on/call-off jobs.

This 25-billion-Naira, public -private partnership project, tagged the Lagos Creative and Entertainment Center Project is projected to provide about 10,000 jobs from the whole process which is in two phases. The phase one is the reconstruction of the national theatre and the second phase is the development of the 134 hectares into clusters of creative hubs and other beneficial constructions.

The building whose design idea was gotten from the palace of culture and sport in Varna, Bulgaria has held a lot of historic events like the 2nd World Black and African Festival of Art and Culture as well as international music concerts, exhibition and film shows.

According to the CBN governor, Godwin Emefiele “The creative center, which comprises of music, movies, fashion and ICT, can serve as a source of growth for our economy, creating up to one million jobs for the country’s teeming youths”. India generates well over 240 billion from exports of IT, movies, music and fashion related goods and services, which is more than the annual revenue from crude oil, so this exercise is a viable option for Nigeria.

In addition to the jobs created by jobs, it is also an avenue for youths to develop innovative ideas and start businesses in the sector.

A new beginning awaits the creative industry as CBN last year, in conjunction with the Bankers’ Committee unveiled the Creative Industry Financing Initiative (CIFI), which would enable businesses to obtain loans up to N500 million. The youths would need to harness their skills to make good use of this opportunity that lies ahead, create a path way for themselves and also further create jobs from.

This project upon completion would ensure a diversified economy,create a soft landing for creatives in the country which would have a long lasting effect on the economy of Nigeria and Africa at large.

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