Cardoso sees national theatre unlocking $25bn in creative sector

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), has described the ongoing renovation of the National Theatre in Iganmu, Lagos, as a major driver for unlocking the estimated $25 billion potential within Nigeria’s creative sector.

Speaking on Thursday during a tour of the near-completed facility alongside members of the Bankers’ Committee, Cardoso said that the revitalised National Theatre is positioned to stimulate significant growth across the creative industry, which is projected to generate about $25 billion.

In 2022,the CBN and the Bankers’ Committee, collectively agreed to invest over N65 billion to rehabilitate the National Arts Theatre and return it to its former glory, working closely with the Federal Ministry of Information and Culture (FMIC), the Ministry of Youth and Sports Development, and the Lagos State Government.

According to him, the transformation of the iconic venue goes beyond infrastructure, serving as a catalyst for widespread economic benefits that will extend beyond the creative community to impact the broader Nigerian population.

“This project is a critical step towards unlocking the enormous potential of the creative sector, which has been estimated at approximately $25 billion. As the industry grows and flourishes, the prosperity it brings will not be limited to creatives alone but will benefit Nigerians across the board,” Cardoso said.

He added that the successful execution of the National Theatre project sends a strong message about the power of collaboration between the public and private sectors. “When an initiative of this scale succeeds, it sets a precedent. It encourages others to follow, and soon the impact becomes self-evident,” he said.

He stressed the need for collective ownership of the project, stating that the responsibility of safeguarding the National Theatre’s legacy does not rest solely with the Bankers’ Committee but with every Nigerian.

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“Looking ahead into the future, it is extremely important to stress that all of us, as Nigerians, not just the Bankers’ Committee, should take pride in defending and preserving what has been established here. This is not merely about the Bankers’ Committee or a specific group of people; this is a collective effort that involves every one of us,” he said.

Cardoso explained that beyond the physical transformation of the edifice, the project stands as a symbol of Nigeria’s cultural heritage, with local traditions and history embedded within its design. According to him, the success of the National Theatre renovation showcases the power of collaboration between the private and public sectors, which he believes will continue to drive the vision forward.

“As the creative sector grows and thrives, it will not only benefit those directly involved in the industry but also contribute to the broader prosperity of Nigerians as a whole. I believe this achievement sends a powerful signal about the opportunities that exist through collaboration. When something of this magnitude succeeds, it naturally inspires others to follow suit, and the results will be evident without needing further explanation,” Cardoso said.

Reflecting on the historical significance of the National Theatre, Cardoso, a Lagos native, recalled the pride the edifice once brought to the state during events such as FESTAC 1977. However, he lamented the years of neglect that led to its deterioration and eventual abandonment.

“I remember this place vividly. I recall its prominence during FESTAC 1977 and the many times we came here for various events and activities. We, as Lagosians, were immensely proud of this iconic space. Sadly, over the years, due to neglect, lack of maintenance, and other issues, this remarkable edifice deteriorated and was eventually abandoned,” he said.

He noted that seeing the National Theatre transformed into a world-class facility once again is a testament to the resilience and determination of the Nigerian people and those who committed resources and vision to its rebirth.

“Beyond the physical structures, which are world-class, this place now competes with similar venues globally. For the professionals who will work here and those whose careers will be centered around this space, this marks a tremendous leap forward. It is an achievement that every Nigerian should be extremely proud of,” he stated.

Cardoso also said that the renovation of the National Theatre is only the first phase of a larger plan to build a creative industry ecosystem across Lagos State. He reiterated the commitment of the Bankers’ Committee and the CBN to sustaining the broader vision of turning Lagos into a creative hub capable of generating significant economic growth.