Reviving the creative economy: CBN, Bankers’ C’ttee inject N68bn to rebirth National Arts Theatre

Nigeria’s creative economy entered a new era last week with the commissioning of the remodeled National Arts Theatre in Iganmu, Lagos, now renamed the Wole Soyinka Centre for Culture and Creative Arts. The ambitious N68 billion renovation project, funded by the Central Bank of Nigeria (CBN) and the Bankers’ Committee, has transformed the once-neglected edifice into a world-class creative hub and reaffirmed the strategic role of private-sector financing in powering the Federal Government’s $1 trillion economy vision, writes JOSEPH INOKOTONG.

The reopening of the National Arts Theatre marks the culmination of a landmark public-private partnership led by the Central Bank of Nigeria (CBN) and the Bankers’ Committee, which jointly committed about N68 billion to the transformation of Nigeria’s most iconic cultural edifice.

The project, hailed as one of the most significant public-private partnerships in Nigeria’s recent history, blends heritage with innovation. Originally completed in 1976 and inaugurated during FESTAC ’77, the National Theatre once stood as a symbol of African creativity. But decades of neglect left it derelict and underutilized. Now, with its rebirth as the Wole Soyinka Centre, the iconic landmark is being positioned as the anchor for Nigeria’s creative industries – spanning film, music, fashion, technology, and literature.

The ceremony, attended by President Bola Ahmed Tinubu, First Lady Senator Oluremi Tinubu, Lagos State Governor Babajide Sanwo-Olu, Nobel Laureate Prof. Wole Soyinka, members of the Bankers’ Committee and other dignitaries, was not just a celebration of bricks and mortar but a statement of intent about Nigeria’s future.

The President seized the opportunity to direct the creation of a National Arts Theatre Endowment Fund, a financial mechanism designed to guarantee continuous maintenance of the complex and prevent it from falling back into disrepair. “It has been a wonderful evening, and I have enjoyed myself,” Tinubu said, adding, “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.”

Tinubu also defended the renaming of the complex after Nobel Laureate Wole Soyinka, describing him as one of the world’s greatest cultural assets and a fitting figure for such an honour. He urged Nigerians to project positivity about their country, urging young people to renew their hope and channel their energy into rebuilding the nation.

The atmosphere reflected both pride and nostalgia. For decades, the National Theatre symbolized the promise and pitfalls of Nigeria’s cultural heritage. Built in 1976 and inaugurated during FESTAC ’77, it was once the epicentre of African creativity, hosting artists, musicians, and cultural icons from across the continent. But years of neglect left the building a shadow of its former glory, plagued by structural decay and a loss of relevance.

The turning point came in 2020 when the Federal Government approved a public-private partnership that transferred the theatre and its surrounding estate to the CBN on behalf of the Bankers’ Committee. What began as a plan to rehabilitate the monument quickly evolved into an ambitious vision to reimagine it as a world-class creative hub. The project faced numerous hurdles along the way – structural complexities, contractual disputes, and the COVID-19 pandemic stretched the timeline far beyond the initial 15 months and pushed the budget from ₦21.3 billion to ₦68 billion. Yet, after years of painstaking effort, the result unveiled last week was a transformation that surpassed expectations.

CBN Governor Olayemi Cardoso framed the Bankers’ Committee’s commitment as more than philanthropy, describing the investment as a deliberate intervention in Nigeria’s cultural future. “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. The Bankers’ Committee alone committed approximately ₦68 billion, not as corporate social responsibility but as a deliberate investment in Nigeria’s cultural future,” he said, and emphasized that the project demonstrated the power of collaboration between the public and private sectors in delivering national development.

The new facility preserves the theatre’s iconic silhouette while delivering state-of-the-art performance halls, cinemas, exhibition galleries, an African literature library, rehearsal studios, media and medical facilities, and modernised infrastructure. The surrounding grounds have been upgraded with gardens, outdoor exhibition areas, and improved access routes, including seamless integration with the Lagos Blue Line Metro, placing culture at the heart of city life.

The project also includes the development of a 44-hectare “Signature Cluster,” consisting of four creative hubs dedicated to fashion, music, film, and information technology. Each hub is designed to operate independently but with the capacity for collaboration across sectors, a model aimed at nurturing Nigeria’s creative industries into a globally competitive ecosystem.

Governor Sanwo-Olu described the reopening as both a cultural and spiritual rebirth, recalling the historic significance of FESTAC ’77 when the venue symbolized Pan-African unity and creativity. He stressed the importance of the collaboration that delivered the project, highlighting Lagos State’s contribution of land and infrastructure, including direct rail connectivity to the site. He expressed optimism that the revitalised complex would not only celebrate Nigeria’s heritage but also attract investment, stimulate tourism, and create thousands of jobs.

Professor Wole Soyinka, visibly moved, admitted he once considered the theatre beyond redemption but acknowledged that the Bankers’ Committee had proved him wrong. “The Bankers’ Committee made me eat my words. With this recreation, Nigerians can now watch African theatre at home instead of traveling abroad,” he said. For Soyinka, the project represents not just a revival of an edifice but a reaffirmation of Nigeria’s place in global cultural discourse.

Industry watchers note that the project represents a significant opportunity for the financial sector. Beyond the immediate jobs created in construction and operations, banks now have new avenues to finance cultural events, training programmes, creative enterprises, and ancillary services linked to the theatre and its clusters. Analysts argue that if properly managed, the National Theatre could become a financing hub for Nigeria’s burgeoning creative economy, estimated to contribute billions of dollars annually to GDP.

Globally, the creative economy is recognized as one of the fastest-growing sectors, driven by digital innovation, cultural exports, and youthful populations. Nigeria, with its music, film, and fashion industries already gaining global traction, is well-positioned to leverage this momentum. The rebirth of the National Theatre provides the physical infrastructure and symbolic confidence to scale this potential. Federal Government projections suggest the creative sector could generate over one million jobs, providing much-needed employment opportunities for Nigeria’s large youth population.

Still, challenges remain. Sustainability and inclusivity are critical. Many grand projects in Nigeria have failed not for lack of vision but for weak management and poor maintenance. The establishment of an endowment fund is a step in the right direction, but transparency and accountability will determine its effectiveness.

There are also questions about accessibility: will the theatre cater only to elite performances, or will it provide affordable platforms for grassroots creatives? Ensuring broad participation will be essential if the project is to achieve its economic and cultural objectives.

Yet, despite these concerns, the mood around the reopening was one of optimism. For the CBN and the Bankers’ Committee, the investment is both a show of confidence and a strategic bet on Nigeria’s soft power. For the government, it is a milestone in its ambition to diversify the economy beyond oil. For young Nigerians, it is a reminder that their creativity is not just entertainment but an economic force capable of shaping the country’s future.

The story of the National Theatre is, in many ways, the story of Nigeria itself, a tale of past glory, decline, and renewal. What began nearly half a century ago as a symbol of cultural pride has degenerated, but it is today been reborn as a beacon of possibilities. The challenge now is to sustain that vision, to ensure that the lights do not go out again, and to leverage the investment as a springboard for broader economic transformation. If successful, the Wole Soyinka Centre for Culture and Creative Arts will not just preserve the past; it will finance the future, proving that culture, when invested in strategically, can be one of Nigeria’s most valuable economic assets.

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