National Arts Theatre Revamp Poised to Unlock $25 Billion in Creative Economy-Cardoso

Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has highlighted the potential of Nigeria’s creative industry to generate up to $25 billion, emphasizing the role of the newly renovated National Arts Theatre in driving this growth.

Speaking during a visit to the Lagos-based facility on Thursday, he praised the transformation of the historic venue and its significance in unlocking economic opportunities within the creative sector.

The renovation, which began in July 2021 following federal approval, involved extensive upgrades to various sections of the theatre. The main performance hall, banquet hall, exhibition spaces, and multiple cinemas were modernized. Additional enhancements included the installation of an industrial kitchen, a fire station, a clinic, new restroom facilities, upgraded entrance lobbies, and comprehensive roof repairs. These improvements are aimed at elevating the theatre to world-class standards, making it a key player in Nigeria’s cultural and creative economy.

Cardoso expressed optimism that the project would serve as a catalyst for expanding the creative sector, stating that estimates place the industry’s potential earnings at $25 billion. He believes the theatre’s revitalization will not only benefit creative professionals but also contribute to the overall prosperity of Nigerians. Acknowledging the financial support and commitment of the Bankers’ Committee, he commended the organization for its role in making the vision a reality. According to him, without the dedication of these sponsors, such a landmark restoration would not have been possible.

Beyond its structural improvements, the National Arts Theatre holds deep cultural and historical significance. Cardoso noted that the building represents more than just a venue, as it embodies Nigeria’s artistic heritage. He further suggested that the successful completion of this project could inspire similar large-scale investments in other sectors.

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The Bankers’ Committee, which took over the facility’s restoration after receiving government approval, announced the completion of the renovations in August 2024. The upgraded theatre is expected to boost employment, attract investment, and increase foreign exchange earnings, positioning it as a central hub for creativity and entertainment. Alongside architectural enhancements, critical infrastructure such as fire safety systems, modernized stage engineering, water and sewage facilities, advanced audiovisual equipment, solar power, and improved accessibility through new passenger lifts have all been incorporated.

As part of the restoration, artistic elements within the structure have been carefully preserved and revitalized, while the building’s external surroundings have also been improved. The project included the enhancement of entrance gatehouses, landscaping of themed areas, construction of a multi-level parking facility, and the installation of street lighting and security surveillance. With these developments, the National Arts Theatre is now poised to play a transformative role in harnessing Nigeria’s creative potential and driving economic growth in the sector.