National Theater Transformation to Unlock $25 Billion Creative Sector Potential, Says CBN Governor Cardoso
Lagos, Nigeria – The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has declared that the transformation of the National Theater in Lagos will serve as a catalyst for unlocking the $25 billion income potential of Nigeria’s creative sector. Cardoso made the statement during a press briefing following a tour of the upgraded National Theater, which recently underwent a N22 billion restoration and refurbishment project financed by the Bankers Committee.
Accompanied by several bank CEOs, Cardoso commended the Bankers Committee for its vision and commitment to the project, describing it as a significant milestone for Nigeria’s cultural and economic development.
“It is highly commendable, and one does have to commend the vision and the resources of the Bankers Committee for doing this,” Cardoso said. “It’s been a long, hard road, and if it was not for the belief and the commitment of those sponsors, this would never have been realized. Indeed, it would have been a great disservice to our country, because embedded in what we see here is a lot of the history and culture of the Nigerian people. If it was not for the fact that they had the vision and were determined to surmount all the obstacles, we wouldn’t be here today.”
Economic Impact of the National Theater Transformation
Cardoso emphasized the transformative potential of the National Theater for Nigeria’s creative sector, which includes film, music, fashion, and other artistic industries. He noted that the creative sector has the capacity to generate approximately $25 billion in revenue, and the revitalized National Theater will play a pivotal role in unlocking this potential.
“It is estimated that the creative sector can potentially generate about $25 billion. To my mind, this project will be a great catalyst for that to happen,” Cardoso stated.
The CBN Governor also highlighted the broader economic implications of the project, noting that the creative sector is a significant driver of job creation, youth empowerment, and foreign exchange earnings. By providing a world-class venue for artistic expression and cultural events, the National Theater is expected to attract both local and international audiences, boosting tourism and stimulating economic growth.
Commitment to the Lagos Creative and Entertainment Center
Cardoso assured stakeholders that the CBN and the Bankers Committee remain committed to the Lagos Creative and Entertainment Center (LCEC) initiative, which began with the transformation of the National Theater. The LCEC aims to position Lagos as a global hub for creative and entertainment industries, leveraging the city’s vibrant cultural scene and entrepreneurial spirit.
The National Theater, a landmark structure originally built in 1976, had fallen into disrepair over the years, prompting concerns about the preservation of Nigeria’s cultural heritage. The restoration project, which began in 2021, has breathed new life into the iconic building, equipping it with state-of-the-art facilities for performances, exhibitions, and other creative activities.
Broader Implications for Nigeria’s Creative Sector
The revitalization of the National Theater is expected to have far-reaching implications for Nigeria’s creative sector. By providing a platform for artists and creatives to showcase their work, the project will foster innovation, collaboration, and talent development. It will also create opportunities for partnerships between local and international stakeholders, further elevating Nigeria’s profile on the global stage.
The project aligns with the federal government’s broader agenda to diversify the economy and reduce reliance on oil revenues. The creative sector, often referred to as the “new oil,” has emerged as a key driver of economic growth, particularly in a country with a young and dynamic population.
Looking Ahead
As the National Theater prepares to reopen its doors, stakeholders are optimistic about its potential to transform Nigeria’s creative landscape. The CBN and the Bankers Committee have pledged to continue supporting initiatives that promote the growth of the creative sector, recognizing its role in driving sustainable development and national prosperity.
The successful completion of the National Theater project serves as a testament to the power of collaboration between the public and private sectors. It also underscores the importance of preserving cultural heritage while embracing innovation and modernization.
With the creative sector poised to become a major contributor to Nigeria’s economy, the revitalized National Theater is set to play a central role in unlocking the sector’s vast potential and positioning Nigeria as a global leader in the arts and entertainment industries.
