The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called on Nigerians to safeguard the recently renovated National Theatre, emphasizing that the creative sector has the potential to generate $25 billion annually for the country.
Cardoso made this statement on Thursday during a tour of the revamped National Theatre facility in Iganmu, Lagos, alongside members of the Bankers’ Committee.
Cardoso highlighted the economic potential of the creative sector, stating, “It is estimated that the creative sector can potentially generate about $25 billion. This, to my mind, will be a great catalyst for that to happen. So, is the prosperity not just for the creative sector, but for all Nigerians? It will serve as a very powerful signal to the potentials for collaboration. Once something like this is successful, others will take a cue, and it will speak for itself.”
He described the renovation of the National Theatre as a significant achievement and a source of national pride. “This is a giant leap forward, a source of immense pride for all Nigerians. Moving forward, it’s crucial that we all, not just the Bankers’ Committee, take responsibility for safeguarding this national treasure,” Cardoso added.
The renovation of the National Theatre is part of a broader initiative to revitalize Nigeria’s creative and entertainment industries. The Memorandum of Understanding (MoU) for the handover of the National Arts Theatre to the Bankers’ Committee by the Federal Government was signed in February 2021. The project had an initial completion timeline of 15 months and an estimated cost of N21.3 billion.
DAILY MENTOR reports that the revamped National Theatre is expected to serve as a hub for creativity, innovation, and economic growth, providing a platform for artists, filmmakers, musicians, and other creatives to thrive. The project aligns with the government’s efforts to diversify the economy and harness the potential of the creative sector as a major driver of employment and revenue.
Cardoso’s call for collective responsibility underscores the importance of preserving and maximizing the benefits of this national asset. The success of the National Theatre renovation could inspire similar projects across the country, further boosting Nigeria’s creative economy and positioning it as a global cultural powerhouse.
The initiative reflects the CBN’s commitment to supporting sectors with high growth potential, contributing to the nation’s economic development and improving the livelihoods of millions of Nigerians.