Lagos, March 6, 2025 (Naija247news) – Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has urged Nigerians to take ownership of the revitalized National Arts Theatre, emphasizing its role as a vital repository of the nation’s history and culture.
Thank you for reading this post, don't forget to subscribe!Cardoso made this appeal during an inspection of the Lagos landmark alongside members of the Bankers’ Committee on Thursday. He commended the vision and financial commitment of the Bankers’ Committee, which spearheaded the restoration project.
Highlighting the economic potential of Nigeria’s creative industry, the CBN governor projected that the sector could generate an estimated $25 billion, serving as a major driver of broader economic growth.
Decades of Neglect, A New Era Begins
Once a symbol of cultural excellence following the Festival of Arts and Culture (FESTAC) ’77, the National Arts Theatre had suffered years of neglect and decline. Cardoso expressed satisfaction with its restoration, describing the renovation as world-class and a “giant leap forward” for Nigeria.
“This is a moment of immense pride for all Nigerians,” Cardoso stated. “However, safeguarding this national treasure should not be left to the Bankers’ Committee alone. It is a collective responsibility.”
He emphasized that the restoration was aimed at unlocking the creative sector’s potential, particularly for Nigerian youth, to foster innovation, job creation, and global recognition.
A Multi-Billion Naira Transformation
Naija247news recalls that the renovation of the National Arts Theatre commenced in July 2021, following approval from the federal government and its subsequent handover to the Bankers’ Committee.
Now positioned as a dynamic creative and entertainment hub, the monument is expected to generate employment, boost national income, attract foreign investment, and provide essential community spaces for young creatives.
State-of-the-Art Facilities to Drive Innovation
The extensive renovation covered multiple sections, including:
• A 4,000-seat main bowl
• A 3,000-seat banquet hall
• Exhibition halls, cinemas, and VIP areas
• Upgraded kitchens, clinics, and fire stations
• Comprehensive roof repairs
• Over 300 newly installed toilet cubicles
With this transformation, Nigeria’s creative industry is set for unprecedented growth, leveraging the revitalized National Arts Theatre as a cornerstone of artistic and economic progress.
Stay updated with Naija247news for more developments on Nigeria’s cultural and economic landscape.
