The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has revealed that Nigeria’s creative industry has the potential to generate $25 billion annually with the revitalization of the National Theatre. Naija247news gathered that Cardoso made the announcement during a stakeholders’ forum in Lagos on Tuesday, where he emphasized the need for strategic investments in the creative sector.
Thank you for reading this post, don't forget to subscribe!According to Naija247news, Cardoso described the creative industry as a “goldmine” that could significantly contribute to Nigeria’s economic growth and job creation. He highlighted the ongoing efforts to transform the National Theatre into a world-class creative hub, which is expected to serve as a catalyst for the industry’s development.
Naija247news understands that the National Theatre, located in Lagos, has been undergoing renovation since 2020 as part of a public-private partnership initiative. The project, which is being executed in collaboration with the Bankers’ Committee and the federal government, aims to create a vibrant ecosystem for filmmakers, musicians, artists, and other creative professionals.
According to Naija247news, Cardoso stressed that the creative industry is one of Nigeria’s most untapped resources, with the potential to rival the oil and gas sector in terms of revenue generation. “With the right policies and investments, the creative industry could become a major driver of Nigeria’s economy, contributing up to $25 billion annually,” he said.
Naija247news reports that the CBN governor also called for increased access to funding for creative entrepreneurs, noting that many talented individuals lack the financial resources to bring their ideas to life. He announced plans to introduce specialized loan schemes and grants to support startups and small businesses in the sector.
According to Naija247news, stakeholders in the creative industry have welcomed Cardoso’s remarks, describing them as a much-needed boost for the sector. “This is a game-changer for Nigeria’s creative industry. The revamp of the National Theatre will provide a platform for our talents to thrive on a global scale,” said a filmmaker who spoke to Naija247news.
Naija247news gathered that the federal government is also exploring partnerships with international organizations to attract investments and expertise to the creative sector. The Minister of Information and Culture, Lai Mohammed, has described the National Theatre project as a priority for the administration.
As Nigeria moves to unlock the potential of its creative industry, the revamp of the National Theatre marks a new chapter for Nigeria’s creative economy, offering hope and opportunities for millions of talented individuals.
