N68bn National Arts Theatre will boost $1trillion economy – Stakeholders

The renovation of the Wole Soyinka Centre for Culture & Creative Arts (National Arts Theatre) with N68 billion by the Central Bank of Nigeria (CBN)-led Bankers’ Committee, according to experts and stakeholders, opens a new chapter for global relevance for Nigeria’s arts and culture. The project championed by the Central Bank of Nigeria (CBN) in […]

The renovation of the Wole Soyinka Centre for Culture & Creative Arts (National Arts Theatre) with N68 billion by the Central Bank of Nigeria (CBN)-led Bankers’ Committee, according to experts and stakeholders, opens a new chapter for global relevance for Nigeria’s arts and culture.

The project championed by the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee opens new opportunities for financial institutions to invest and support the Federal Government’s vision of a $1 trillion economy.

The CBN Governor, Olayemi Cardoso stated that the investment remains one of the Bankers Committee’s deliberate investments in Nigeria’s cultural future.

During the commissioning of the National Theatre last week named the Wole Soyinka Centre for Culture & Creative Arts (National Arts Theatre) in Iganmu, Lagos by President Bola Ahmed Tinubu, it was revealed that the centre highlighted the CBN’s commitment to private sector-led investment in the arts and culture space.

President Tinubu had directed the CBN to float the National Arts Theatre Endowment Fund that would ensure continuous maintenance of the national edifice.

“It has been a wonderful evening, and I have enjoyed myself. It is now left for Cardoso and others to put together an endowment fund, and I will contribute to it. It’s not a bad thing for us to use this opportunity to create jobs, maintain accessibility, and commitment. This place will not go dry again”, President Tinubu said.

The event was attended by the First Lady, Senator Oluremi Tinubu, Governor of Lagos State, Babajide Sanwo-Olu; the Honourable Minister of Art, Culture, and the Creative Economy, Hannatu Musawa and other dignitaries.

President Tinubu said there was no controversy in the National Theatre renaming Wole Soyinka Centre for Culture & Creative Arts, adding that he considered Prof. Wole Soyinka’s contributions to the arts and culture.

“Prof. Wole Soyinka is one of the greatest assets of the world. So, the renaming could not have gone to anyone else,” he said.

President Tinubu advised that Nigerians stop talking about Nigeria in a negative way. “Let us all come together to rebuild Nigeria. The youths should also renew their hope in Nigeria and work together for her continued greatness,” he said.

 

Bankers’ Committee funding

Cardoso said the Bankers’ Committee committed N68 billion into the remodeling of the National Arts Theatre.

He said the centre’s iconic silhouette has been preserved while delivering world-class performance halls, cinema spaces, exhibition galleries, an African literature library, rehearsal rooms, media and medical facilities, and fully modernised infrastructure. 

According to him, the surrounding grounds now offer gardens, outdoor exhibition areas, upgraded access, and seamless integration with the Lagos Blue Line rail, placing culture at the heart of city life.

He said “This edifice has stood for nearly half a century as a proud symbol of our heritage. Completed in 1976 and inaugurated at FESTAC ’77, it became a beacon of African creativity and a repository of our shared history. Many here will recall both its golden years of cultural vibrancy and the long period of neglect that followed. Even in silence, however, the Theatre remained the

soul of our cultural identity, awaiting revival. Today, that day has come.

“The performances we have witnessed today by ensembles from across Nigeria bring this Centre to life and remind us that its true power lies not only in its architecture but in the voices, movements, and stories it will host.

“Allow me to emphasize that none of this would have been possible without extraordinary partnerships. The Central Bank of Nigeria, the Bankers’ Committee, the Lagos State Government, and the Ministry of Art, Culture, and the Creative Economy came together with a shared purpose to deliver this national project, with the Bankers’ Committee alone committing approximately N68 billion, not as corporate social responsibility but as a deliberate investment in Nigeria’s cultural future. 

This project stands as proof that when the public and private sectors unite behind a shared national purpose, there is no limit to what Nigeria can achieve.”

Nobel Laureate, Prof. Wole Soyinka, said that before the renovation of the edifice, he thought it was irredeemable but the Bankers’ Committee made him eat his words.

He said the Bankers’ Committee had done a great job, and brought the edifice to global standards.

He said that with the recreation of the edifice, Nigerians can now watch Africa Theatre at home instead of traveling abroad,” he said.

On his part, Governor Sanwo-Olu reflected on the deep historic significance of the event.

He described the reopening of the Theatre as more than a renovation, it was a cultural and spiritual rebirth.

He recalled that nearly 50 years ago, the same venue hosted FESTAC ’77, a pan-African celebration of culture and unity. The event, he said, demonstrated Africa’s capacity to use culture as a unifying force.

The renaming of the Theatre in honour of Wole Soyinka, he added, reflects both respect for a national icon and Nigeria’s cultural ambition on the global stage.

Sanwo-Olu highlighted the collaboration behind the transformation of the Theatre. He credited the Federal Government, CBN, Bankers’ Committee, and Lagos State for the successful execution of the project. He also noted that Lagos contributed additional land for the development and ensured direct connectivity to the Lagos Blue Line Metro, placing infrastructure and accessibility at the core of the revitalised complex.

It would be recalled that the Memorandum of Understanding (MoU) for the handing over of the National Arts Theatre to the Bankers’ Committee by the Federal Government was signed in February 2021, and had an initial completion timeline of 15 months, and estimated cost of N21.3 billion.

Themed the ‘Lagos Creative and Entertainment Centre’, the project is expected to restore the glory of an iconic building by aligning most of the fabric and equipment and facilities in the building with the aesthetics of the 21st century.

Cardoso had earlier commended the work done and the vision that has repositioned the Theatre to a world class status.

He said: “Well, firstly, it is highly commendable what we are seeing here today. One has to commend the vision and resources of the Bankers’ Committee for doing this. It has been a long, hard road, and if it was not for the belief and the commitment of those sponsors, this would never be realized.”

He explained that it would have been a great disservice to the country if this was not achieved, because embedded in the theatre is a lot of the history and culture of the Nigerian people.

He said the Bankers’ Committee had a vision, and were determined to surmount all the obstacles in getting the theatre to where it is today.

“For me as a Lagosian, I grew up here, and saw this in 1977 when we had FESTAC and subsequent times, we used to come here to have different events and activities and we were very proud of what we had as Lagosians. Sadly, the edifice, which was iconic at a time, fell into a state of abandonment,” he said.

“So, to have been able to live today, to see this massive transformation to a world class structure is again a testimony to the Nigerian spirit. For those who are going to be using the edifice and those whom it is home to their profession, it is a giant step forward. It is something that we all as Nigerians should be extremely proud of,” he added.

The main contractor for the project is Cappa & D’Alberto Limited while the  Electrical Sub Contractor is being handled by Nairda Limited, and VACC Limited is in charge of the Mechanical Sub Contractor.

The aim is to deliver a successful Creative and Entertainment city that will encourage additional investment into Nigeria’s creative industry.

 

According to the Bankers’ Committee, a portion of the site was earmarked for the construction of the “Signature Cluster”, which consists of one building each for Fashion, Music, Film and IT.

 

The 44-hectare site adjourning the National Theatre will be developed and utilised for the development of purpose-built creative hubs for the Fashion Industry, Music and Film as well as Information Technology (IT).

 

The Bankers Committee said the project will deliver a successful Creative and Entertainment city that will encourage additional investment into Nigeria’s creative industry.

 

X-raying the National Arts Theatre

 

The National Arts Theatre stands as one of Nigeria’s most iconic landmarks.

 

Stakeholders say the project will open financing opportunities for commercial banks when activities fully commence after the renovation.

 

On October 5, 2019, President Muhammadu Buhari approved the reconstruction of the National Theatre in Iganmu, Lagos, into a world-class convention center for the development of the creative sector in diverse areas, including entertainment, movies, music, fashion, and Information and Communication Technology (ICT).

 

As the initial investment in the creative industry, the government expects to create at least one million jobs when the project begins operations.

 

In 2022, the CBN and the Bankers’ Committee collectively agreed to invest over N65 billion to rehabilitate the National Arts Theatre and restore it to its former glory. This effort has been carried out in collaboration with the Federal Ministry of Information and Culture (FMIC), the Ministry of Youth and Sports Development, and the Lagos State Government.