Cardoso says Nigeria’s creative industry could generate $25bn with national theatre revamp

Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has estimated that Nigeria’s creative industry holds the potential to generate $25 billion. He made this statement during a tour of the recently renovated National Art Theatre in Lagos. The extensive renovation, which commenced in July 2021 following the Federal Government’s approval, includes upgrades across multiple areas. These include the 4,000-seater main bowl, over 3,000-seater banquet hall, two exhibition halls, three cinemas, VIP spaces, actors’ changing rooms, an industrial kitchen, over 300 new toilet cubicles, a clinic, a fire station, lobbies at all four entrances, and comprehensive roof repairs.
Governor Cardoso emphasized that elevating the National Art Theatre to world-class standards could act as a catalyst for realizing the $25 billion potential of Nigeria’s creative sector. “It is estimated that the creative sector can potentially generate about 25 billion US dollars. This [National Art Theatre], to my mind, would be a great catalyst for that to happen, and as that happens, so will the prosperity of not just the creatives but all Nigerians,” he stated.  Commending the Bankers’ Committee for its vision and investment in the restoration project, he said, “This is highly commendable. One just has to commend the vision and the resource of the Bankers’ Committee for doing this. If it was not for the belief and commitment of those sponsors, this world-class edifice would not have been realized.”  Cardoso also highlighted the cultural and historical significance of the theatre.
“Embedded in what we see here is a lot of the history and culture of the Nigerian people. A lot of our culture is embedded in the structures here, so you will see it’s beyond just an edifice; it is what it represents,” he explained. He said that the successful transformation of the National Art Theatre signals the potential for future collaborations in another sector, saying, “When something like this is successful, others will take a cue.”
The Bankers’ Committee, which took over the facility after approval by the Federal Government, announced the completion of the renovations in August 2024. This restoration project aims to unlock the vast potential of Nigeria’s creative industry, particularly for the country’s youth. The new-look National Art Theatre is poised to create jobs, generate income, and boost foreign exchange earnings while becoming a hub for creativity and entertainment. Upgrades include the replacement of the Heating, Ventilation, and Air Conditioning (HVAC) system, enhanced fire safety measures, new water supply and sewage systems, installation of Audio Video Lighting (AVL) systems, advanced stage engineering, 17 passenger lifts, solar power, and modern furniture. Artistic restoration efforts have also been undertaken, revitalizing the artworks on wall panels and the building façade.
Additionally, external refurbishments were carried out, including upgrades to the three entrance gatehouses, the development of four themed landscapes, the construction of a 250-car capacity parking block, the completion of the ring road, and the installation of external street lighting and CCTV cameras. These enhancements ensure that the facility meets global standards in performance and theatre arts.