By Uche Usim
At a time the country is in dire need of foreign exchange to drive various developmental projects, the Central Bank of Nigeria (CBN) and the Bankers’ Committee’s are collaboratively championing innovation as a catalyst to unlock the immense potential of the country’s creative industry, valued at $25 billion.
Using the fully revamped National Arts Theater in Lagos as a pivot, the CBN Governor, Dr Yemi Cardoso, at a recent tour of the facility with members of the bankers’ committee, said the effort accentuates using cutting-edge financial strategies, fostering digital transformation and supporting creative entrepreneurs to position Nigeria’s creative sector as a key driver of economic growth and global competitiveness.
He said the time has come for a fusion of vision to solve Nigeria’s complex challenges like foreign exchange insufficiency, unemployment crisis and other factors inimical to economic growth.
He added that the remarkable transformation of the National Arts Theatre remains a powerful testament to the resilience, creativity and determination of the Nigerian people.
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 was not just about restoring a building but reviving the nation’s artistic heritage and positioning Nigeria as a global hub for the creative economy.
“It is estimated that the creative sector can potentially generate about $25 billion, and this, to my mind, will be a great catalyst for that to happen. As this unfolds, it will drive prosperity not just for creatives but for all Nigerians. It will also serve as a powerful signal for collaboration. Once a project of this scale succeeds, others will take a cue.
“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.
National Theatre’s cultural impact
Cardoso praised the Bankers’ Committee for its dedication to the project, even as he highlighted the National Theatre as more than an architectural icon, but one that stands as a symbol of Nigeria’s rich cultural heritage.
“This is not just an edifice; it represents our history and culture. The transformation of this landmark into a world-class facility is a testament to the Nigerian spirit. If you took people from here and placed them in top-tier arts venues globally, they would feel at home.
“As a Lagosian, I grew up here. I saw this in 1977 when we had FESTAC, and over the years, it was a hub for cultural and artistic expression. Unfortunately, due to lack of maintenance, this iconic structure fell into a state of disrepair.”
He highlighted that the ongoing transformation of the National Theatre reflects Nigeria’s resilience and deep commitment to safeguarding its artistic legacy. Beyond restoring its iconic structure, the project, Cardoso noted, is designed to meet global standards, incorporating cutting-edge infrastructure to enhance its appeal. By positioning the theatre as a premier venue for international cultural exchanges, Nigeria, he said, is creating a dynamic space for creative excellence, fostering global collaborations and reinforcing its status as a thriving hub for the arts.
CBN’s vision for the creative industry
The apex bank boss reiterated that Nigeria’s creative economy has long been recognised for its vast potential, yet structural challenges, such as inadequate investment, weak infrastructure, and limited access to financing, have hindered its full growth. To bridge these gaps, he said the CBN has launched a strategic intervention aimed at transforming the sector into a sustainable economic powerhouse.
A key pillar of this initiative is the revitalisation of the National Theatre, which is being reimagined as a dynamic hub for diverse creative fields, including film, music, fashion, digital arts, animation, and gaming.
Beyond enhancing local creative expression, the project aligns with a central vision to position Lagos as a global creative hotspot while cementing Nigeria’s status as a premier destination for cultural tourism and investment.
Cardoso said: “As the creative industry thrives, so will the prosperity of not just those directly involved but all Nigerians. This development sends a powerful signal about the possibilities that exist when vision, investment, and commitment align.”
From creativity to economic growth
The creative industry is a powerful economic driver globally, contributing billions to GDP, generating millions of jobs, and serving as a major source of foreign exchange in advanced economies like the United States and the United Kingdom. Nigeria’s thriving film, music, and arts industries hold similar potential, but challenges such as inadequate infrastructure and limited funding have constrained their growth and scalability.
Recognising this, the apex bank, in partnership with the Bankers’ Committee, is repositioning the National Theatre as a catalyst for broader industry development. Beyond revitalizing the landmark itself, the initiative aims to foster a thriving creative ecosystem by establishing financing structures and support systems that enable artists and entrepreneurs to monetize their talents, scale their businesses, and drive long-term economic impact.
Job creation
Youth unemployment remains one of Nigeria’s most pressing economic challenges. The revitalization of the National Theatre is expected to generate thousands of direct and indirect job opportunities across various sectors, including production, marketing, content creation, event management, and tourism.
Beyond job creation, the initiative aims to cultivate a structured creative ecosystem that nurtures local talent, attracts global investment, and opens sustainable career pathways for young Nigerians. By providing a platform for artistic expression and economic empowerment, the project will position the creative industry as a key driver of national growth and global recognition.
Boosting financial access for creative entrepreneurs
Access to financing remains a major hurdle for creative entrepreneurs in Nigeria. Unlike traditional industries, creative businesses often lack tangible assets that banks typically require as collateral. To bridge this gap, the Central Bank of Nigeria (CBN) is working with financial institutions to develop tailored funding solutions that cater specifically to the creative sector.
Several Nigerian banks have already taken steps to support creative entrepreneurs. GTBank’s Creative Industry Financing Initiative provides loans of up to N500 million for fashion, music, film production, and IT ventures. Access Bank’s Creative Sector Loan focuses on capacity building and job creation across film, fashion, music, and software engineering. First Bank’s First@Arts initiative integrates financing, advisory services, and industry development, while Sterling Bank and Union Bank have introduced dedicated funds to support creative and IT startups.
With the revitalised National Theatre serving as a centralized hub, Cardoso assured that creatives will gain greater access to investors, grants, and structured financing opportunities, enabling them to scale their businesses and drive long-term industry growth.
He highlighted that the successful transformation of the National Theatre could set a precedent for future public-private partnerships, showcasing how strategic collaboration can drive sustainable development. By proving the viability of such initiatives, the CBN hopes to inspire greater investment in creative infrastructure across the country, unlocking new opportunities for economic growth and cultural advancement.
Cardoso said: “I am confident that the partnership between the private and public sectors, which has brought this project to life, will continue. That spirit of collaboration, combined with the commitment of the Nigerian people, will drive us to the next level
“Beyond the National Theatre, this initiative signals a broader shift in Nigeria’s economic diversification strategy prioritising sectors beyond oil and gas and tapping into the vast potential of the creative economy”.
Cardoso reiterated that the transformation of the National Theatre is only the beginning of a larger vision to position Nigeria as a global leader in the creative industries.
“For those who are going to be using this and for those whom this is going to be home to their profession, it’s a giant step forward, and it is something that we all as Nigerians should be extremely proud of.” The renovated theatre now offers a 4,000-seater main bowl equipped with cutting-edge stage infrastructure, future-fit performing arts spaces, upgraded acoustics, banquet halls, exhibition areas, and two 500-seater cinemas. A station of the Lagos rail system will complement the venue, along with other world-class facilities and an artists’ village,” he said.