By Abiodun Abdullai
The Central Bank of Nigeria (CBN) and the Bankers' Committee have invested N68 billion in the remodelling of the National Arts Theatre, now renamed the Wole Soyinka Centre for Culture and Creative Arts, as part of Nigeria's drive toward a $1 trillion economy.
The project, executed in collaboration with the Lagos State Government and the Federal Ministry of Art, Culture and the Creative Economy, marks one of the country's most significant public-private partnerships in the creative sector.
CBN Governor, Olayemi Cardoso, described the investment as a deliberate effort to reposition Nigeria's creative industry as a growth driver for the economy. He said the initiative reflects the Bankers' Committee's commitment to innovation, sustainability, and national development.
Speaking at the unveiling ceremony in Lagos, which had President Bola Ahmed Tinubu in attendance, Cardoso said the project demonstrates what can be achieved when public and private sectors align with a shared vision.
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"The National Arts Theatre, which once stood as a symbol of neglect, has now become a centre of creativity, commerce, and cultural excellence," Cardoso said.
President Tinubu announced the creation of a National Arts Theatre Endowment Fund to ensure the long-term maintenance of the newly refurbished facility. He said the renaming honours Nobel Laureate Prof. Wole Soyinka for his contribution to arts and culture in Nigeria and globally.
The new centre features modern performance halls, cinemas, exhibition galleries, an African literature library, medical facilities, and improved access through the Lagos Blue Line rail system.
Prof. Soyinka commended the Bankers' Committee for restoring the edifice to international standards, noting that the project will inspire a new generation of creative talent.
The redevelopment also includes a "Signature Cluster" comprising four creative hubs for film, fashion, music, and information technology, designed to stimulate innovation, employment, and investment in the creative economy.
Analysts believe the initiative could attract over $25 billion in foreign exchange inflows and create millions of jobs through expanded activities in tourism, entertainment, and small business participation.
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