Banks will rehabilitate National Theater of the Arts with $200m – Punch Newspapers

Central Bank of Nigeria Governor Godwin Emefiele said on Saturday that the Bankers Committee has increased the amount it plans to spend to rehabilitate the National Theater of Arts from $100 million to $200 million.

He also assured that the CBN would not stop but would continue to support the economy with currency intervention after 2022.

Emefiele revealed this during a press conference at the end of the two-day bankers’ retreat in Lagos.

Speaking about the funding for the National Theater for the Arts, he said: “I must confess that when we started this project, we contemplated that it would cost $100 million to complete. But unfortunately, where we are in the dimensions, the scope of the project yesterday, we found out that it’s almost going to go up to $200 million.”

In order to increase the volume of repatriation of exports, he said it was necessary to support exporters who needed the facility to be able to process their products that could qualify for exports abroad.

To ensure this support, he added that banks should give at least 500 billion naira a year to export-oriented companies.

According to him, the banking sector realized that the interventions introduced to support the economy were working.

He said: “Realizing the progress that has been made so far, the CBN will continue to support the FX market no matter how tough; while the banks will continue to increase their own non-oil export source to obtain foreign exchange through repatriation that they can use to finance the needs of their clients”.

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