N68bn National Arts Theatre remodeling: CBN, Bankers’ Committee’s investment in Nigeria’s cultural future

N68bn National Arts Theatre Remodeling: CBN and Bankers’ Committee’s Investment in Nigeria’s Cultural Future

The transformation of Nigeria’s iconic National Arts Theatre in Iganmu, Lagos, into the newly christened Wole Soyinka Centre for Culture and Creative Arts marks a pivotal moment in the country’s cultural and economic renaissance. Spearheaded by the Central Bank of Nigeria (CBN) and the Bankers’ Committee, this N68 billion investment is not merely a facelift of a historic edifice, it is a strategic move to position Nigeria’s creative economy as a cornerstone of national development.

Originally built in 1976 and once the proud host of FESTAC ’77, the National Theatre had long suffered neglect and deterioration. The remodeling project, approved in 2020 and completed in time for Nigeria’s 65th Independence Anniversary in October 2025, was executed in partnership with the Lagos State Government and the Federal Ministry of Art, Culture and the Creative Economy.

The initiative reflects a robust public-private collaboration aimed at revitalizing Nigeria’s cultural infrastructure and unlocking the economic potential of its creative industries.

President Bola Tinubu, who presided over the inauguration ceremony, emphasized the symbolic and practical importance of the restoration. He praised Nobel Laureate Prof. Wole Soyinka, after whom the centre was renamed, for his lifelong contributions to arts, literature, and national identity.

Tinubu also announced the creation of a National Arts Theatre Endowment Fund to ensure the facility’s sustainability and pledged personal support for its maintenance. He urged Nigerians to embrace the centre as a beacon of unity and cultural pride, encouraging a shift away from negative portrayals of the nation3.

CBN Governor Olayemi Cardoso described the Bankers’ Committee’s N68 billion contribution not as corporate social responsibility but as a deliberate investment in Nigeria’s cultural future. He highlighted the centre’s role in projecting Nigeria’s influence globally and fostering youth engagement, job creation, and national pride.

The facility now boasts modern performance halls, cinemas, exhibition galleries, an African literature library, medical facilities, and improved access via the Lagos Blue Line rail system. It also includes a “Signature Cluster” of four creative hubs dedicated to film, fashion, music, and information technology, designed to stimulate innovation and attract foreign investment4.

Minister of Arts, Culture and Creative Economy Hannatu Musawa hailed the reopening as a turning point for Nigeria’s cultural and religious destiny. She outlined complementary reforms such as the Creative Economy Development Fund, the Creative and Tourism Infrastructure Corporation, and the Motherland Initiative, which aim to empower youth, connect the diaspora, and amplify Nigerian voices on the global stage.

Prof. Soyinka, while accepting the honour with mixed feelings due to his history of critiquing public monument appropriations, commended the restoration effort and called for continued support for the arts. He expressed hope that Nigerians would no longer need to travel abroad to experience African plays and cultural productions.

The Chief Executive Officer of the National Theatre, Mrs. Tola Akerele, affirmed that the revamped facility is now equipped to host world-class events and local productions equipped to host world-class events and local productions. She emphasized its role as a sustainable. She emphasized its role as a sustainable platform for fashion platform for fashion, music, theatre, music, theatre, and visual arts, and visual arts, and expressed optimism, and expressed optimism about future collaborations about future collaborations with both local with both local and international and international production companies production companies.

In essence, the N68bn remodeling of the National of the National Arts Theatre is Arts Theatre is more than a cultural more than a cultural revival, it is a revival, it is a strategic investment strategic investment in Nigeria’s creative in Nigeria’s creative economy, national economy, national identity, and global identity, and global relevance. It stands relevance. It stands as a testament to as a testament to what can be achieved what can be achieved when visionary leadership when visionary leadership, public institutions, public institutions, and private stakeholders, and private stakeholders unite with purpose unite with purpose.