Wisdom Engraced
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The Nigerian creative industry has the potential to generate a staggering $25 billion annually, according to Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso. This projection comes as the National Arts Theatre undergoes a major remodeling, transforming it into the ‘Lagos Creative and Entertainment Centre’.
Cardoso emphasized the significance of this project, 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, of not just the creative sector, but for all Nigerians.” He believes this initiative will serve as a powerful signal for collaboration and investment in the creative industry.
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The remodeling project, which began in February 2021, aims to restore the National Arts Theatre to its former glory, aligning it with 21st-century aesthetics. The Bankers’ Committee, led by Cardoso, has commended the progress made so far, acknowledging the vision and resources invested in the project.
Cardoso praised the transformation, saying, “Well, firstly, it is highly commendable what we are seeing here today. One has to commend the vision and resources of the Bankers’ Committee for doing this.” He noted that the theatre’s renovation is not just about aesthetics but also about preserving Nigeria’s history and culture.
The project has also led to the development of a 44-hectare site adjacent to the National Theatre, which will feature purpose-built creative hubs for the fashion, music, film, and IT industries. The Bankers’ Committee aims to create a thriving Creative and Entertainment city that will attract additional investment to Nigeria’s creative industry.
Cardoso emphasized the importance of collaboration and community involvement, stating, “Going forward, I am very certain that the partnership that has taken place between the private sector and public sector that has resulted in this, that spirit, in conjunction with the Nigerian people, will take us to the next level.”
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He also commended the main contractor, Cappa & D’Alberto Limited, and the sub-contractors, Nairda Limited and VACC Limited, for their work on the project. “The difficult work on the theatre has already been done,” he said. “Not just the Bankers’ Committee, but all Nigerians should take pride in defending the Theatre.”
The Signature Cluster, located to the north of the National Arts Theatre, is a key component of the project. It consists of four buildings, each dedicated to a specific creative industry: music, film, fashion, and information technology. Cardoso noted that each building was designed to function independently, while also providing opportunities for collaboration between different creative communities.
According to the Bankers’ Committee, the project is expected to deliver a successful Creative and Entertainment city that will encourage additional investment into Nigeria’s creative industry. The committee stated that the project will provide a platform for Nigerian creatives to showcase their talents, while also creating jobs and stimulating economic growth.
Cardoso concluded his remarks by saying, “This is a very, very, very major reflection. And when you go around and you see, and some of you have toured already, you will see that a lot of our culture is embedded in the structures here. So, it is beyond just an edifice. It is what it represents.”
The remodeling of the National Arts Theatre is a significant project that is expected to have a major impact on Nigeria’s creative industry. With its focus on collaboration, community involvement, and economic growth, the project is poised to make a lasting contribution to the country’s cultural and economic development.
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Jonathan Nwokpor
