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The Governor, Central Bank of Nigeria (CBN), Olayemi Cardoso, has lauded the remarkable transformation of the National Arts Theatre, describing it as a powerful testament to the resilience, creativity and determination of the Nigerian people.
Speaking during an inspection of the newly renovated facility in Lagos Thursday, Cardoso expressed awe at the scale of the transformation, recalling the theatre’s golden era during FESTAC ‘77.
He emphasised that the rejuvenation of the cultural landmark is not just about restoring a building but reviving the nation’s artistic heritage and positioning Nigeria as a global hub for the creative economy.
“This is a massive transformation and a true testament to the Nigerian spirit.
“What we have here is unmatched. The most difficult part of the work has been done, and as Nigerians, we must collectively defend and protect this national asset. It is not a responsibility for the Bankers’ Committee alone; it is a shared duty”, he said.
He highlighted the deep cultural significance of the structure, pointing out that its design and ambiance encapsulate Nigeria’s rich artistic heritage. According to him, the restoration of the National Arts Theatre, achieved through a public-private partnership (PPP), represents a model for future infrastructural renewal in the country.
Cardoso further noted the immense economic potential embedded in the project, stating that the creative sector could generate as much as $35 million annually once the facility is fully operational.
He described this as a powerful signal of the value Nigeria places on the creative industry and its ability to drive economic diversification and job creation.
The renewed National Arts Theatre, now envisioned as the heart of Nigeria’s creative economy, is set to become a world-class venue for arts, music, film, fashion, and technology. With state-of-the-art facilities and a renewed focus on fostering artistic talent, it promises to place Nigeria at the forefront of global cultural and entertainment industries.
As the transformation takes shape, Cardoso urged Nigerians to rally behind the project, ensuring its sustainability and long-term success. “When you visit and experience this space, you will see that our culture is deeply embedded in its design. Going forward, this PPP model, combined with the Nigerian spirit, will drive even greater success.”
With the theatre now poised to unlock billions in creative investments, its revival stands as a landmark achievement, reaffirming Nigeria’s place as a vibrant cultural powerhouse on the world stage.
