The renovation of the National Arts Theatre, now renamed Wole Soyinka Centre for Culture & Creative Arts, with N68 billion by the Central Bank of Nigeria (CBN)-led Bankers’ Committee opens a new chapter for global relevance for Nigeria’s arts and culture. The project championed by the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee opens new opportunities for financial institutions to invest and support the Federal Government’s vision of a $1 trillion economy. Uzoma Mba reports that for the CBN Governor, Olayemi Cardoso, the investment remains one of Bankers Committee’s deliberate investment in Nigeria’s cultural future
The Central Bank of Nigeria (CBN)-led Bankers’ Committee commitment to the creative economy came to the fore on Tuesday when the Wole Soyinka Centre for Culture & Creative Arts (National Arts Theatre) was reopened in Iganmu, Lagos.
The event, attended by President Bola Ahmed Tinubu was opportunity to highlight the CBN’s commitment to private sector-led investment in the arts and culture space.
Cardoso had lauded the role of the Bankers’ Committee in bringing back the moribund national edifice back to life.
President Tinubu further directed Cardoso to float National Arts Theatre Endowment Fund that would ensure continuous maintenance of the national edifice.
“It has been a wonderful evening, and I have enjoyed myself. It is now left for Cardoso and others to put together an endowment fund, and I will contribute to it. It’s not a bad thing for us to use this opportunity to create jobs, maintain accessibility, and commitment. This place will not go dry again”, President Tinubu said.
The event was attended by the First Lady, Senator Oluremi Tinubu, Governor of Lagos State, Babajide Sanwo-Olu; the Honourable Minister of Art, Culture, and the Creative Economy, Hannatu Musawa and other dignitaries.
President Tinubu said there was no controversy in the National Theatre renaming Wole Soyinka Centre for Culture & Creative Arts, adding that he considered Prof. Wole Soyinka’s contributions to the arts and culture.
“Prof. Wole Soyinka is one of the greatest assets of the world. So, the renaming could not have gone to anyone else,” he said.
President Tinubu advised that Nigerians stop talking about Nigeria in a negative way. “Let us all come together to rebuild Nigeria. The youths should also renew their hope in Nigeria and work together for her continued greatness,” he said.
Bankers’ Committee Funding
Cardoso said the Bankers’ Committee committed N68 billion into the remodeling of the National Arts Theatre.
“The Central Bank of Nigeria, the Bankers’ Committee, the Lagos State Government, and the Ministry of Art, Culture, and the Creative Economy came together with a shared purpose to deliver this national project, with the Bankers’ Committee alone committing approximately N68 billion, not as corporate social responsibility but as a deliberate investment in Nigeria’s cultural future,” Cardoso said.
He said that the project stands as proof that when the public and private sectors unite behind a shared national purpose, there is no limit to what Nigeria can achieve.
He disclosed that 65 years after our nation’s founding, Nigeria’s creative spirit remains alive, pervasive, and shaping global culture.
“This edifice has stood for nearly half a century as a proud symbol of our heritage. Completed in 1976 and inaugurated at FESTAC ’77, it became a beacon of African creativity and a repository of our shared history,” he said.
He said that in 2020, the Federal Government approved a landmark public–private collaboration: the transfer of the Theatre and its estate into a special partnership with the Central Bank, on behalf of the Bankers’ Committee.
“What began as an ambitious vision to reimagine an aging monument as a world-class creative hub has today become a stunning reality. The journey was not without challenges. Structural complexities, contractual issues, and even the global pandemic extended the timeline far beyond expectations,” he said.
“ This was a project especially close to the President’s heart, and it was his vision that transformed it from a restoration into a symbol of national renewal. By renaming the National Arts Theatre as the Wole Soyinka Centre for Culture and Creative Arts in July 2024, President Tinubu charted a bold course to place creativity at the heart of Nigeria’s renaissance,” he said.
Cardoso explained that the Wole Soyinka Centre is more than a renovation; it is a rebirth.
“Its iconic silhouette has been preserved while delivering world-class performance halls, cinema spaces, exhibition galleries, an African literature library, rehearsal rooms, media and medical facilities, and fully modernised infrastructure. The surrounding grounds now offer gardens, outdoor exhibition areas, upgraded access, and seamless integration with the Lagos Blue Line rail, placing culture at the heart of city life,” he said.
Nobel Laurette, Prof. Wole Soyinka, said that before the renovation of the edifice, he thought it was irredeemable but the Bankers’ Committee made me to eat my words.
He said the Bankers’ Committee had done a great job, and brought the edifice to global standards.
He said that with the recreation of the edifice, Nigerians can now watch Africa Theatre at home instead of travelling abroad,” he said.
On his part, Governor Sanwo-Olu reflected on the deep historic significance of the event.
He described the reopening of the Theatre as more than a renovation, it was a cultural and spiritual rebirth. He recalled that nearly 50 years ago, the same venue hosted FESTAC ’77, a pan-African celebration of culture and unity. The event, he said, demonstrated Africa’s capacity to use culture as a unifying force.
The renaming of the Theatre in honour of Wole Soyinka, he added, reflects both respect for a national icon and Nigeria’s cultural ambition on the global stage.
Sanwo-Olu highlighted the collaboration behind the transformation of the Theatre. He credited the Federal Government, CBN, Bankers’ Committee, and Lagos State for the successful execution of the project. He also noted that Lagos contributed additional land for the development and ensured direct connectivity to the Lagos Blue Line Metro, placing infrastructure and accessibility at the core of the revitalised complex.
How it started
The Memorandum of Understanding (MoU) for the handing over of the National Arts Theatre to the Bankers’ Committee by the Federal Government was signed in February 2021, and had initial completion timeline of 15 months, and estimated cost of N21.3 billion
Themed the ‘Lagos Creative and Entertainment Centre’, the project is expected to restore the glory of an iconic building by aligning most of the fabric and equipment and facilities in the building with the aesthetics of the 21st century.
Cardoso had earlier commended the work done and the vision that has repositioned the Theatre to a world class status.
He said: “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. It has been a long, hard road, and if it was not for the belief and the commitment of those sponsors, this would never be realized.”
He explained that it would have been a great disservice to the country if this was not achieved, because embedded in the theatre is a lot of the history and culture of the Nigerian people.
He said the Bankers’ Committee had a vision, and were determined to surmount all the obstacles in getting the theatre to where it is today.
“For me as a Lagosian, I grew up here, and saw this in 1977 when we had FESTAC and subsequent times, we used to come here to have different events and activities and we were very proud of what we had as Lagosians. Sadly, the edifice, which was iconic at a time, fell into a state of abandonment,” he said.
“So, to have been able to live today, to see this massive transformation to a world class structure is again a testimony to the Nigerian spirit. For those who are going to be using the edifice and those whom it is home to their profession, it is a giant step forward. It is something that we all as Nigerians should be extremely proud of,” he added.
He said the difficult work on the theatre has already been done, adding that not just the Bankers’ Committee, but all Nigerians should take pride in defending the Theatre.
“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.”
“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,” he said.
The Bankers’ Committee also, funded the prototype cluster located to the north of the National Arts Theatre, labelled the “Signature Cluster” consisting of a building each for Music, Film, Fashion and Information Technology verticals.
The main contractor for the project is Cappa & D’Alberto Limited while the Electrical Sub Contractor is being handled by Nairda Limited, and VACC Limited is in charge of the Mechanical Sub Contractor.
The aim is to deliver a successful Creative and Entertainment city that will encourage additional investment into Nigeria’s creative industry.
According to the Bankers’ Committee, a portion of the site was earmarked for the construction of the “Signature Cluster”, which consists of one building each for Fashion, Music, Film and IT.
The committee, said each structure was uniquely designed to function independently, yet providing the opportunity for extensive collaborations between the different creative communities.
The 44-hectare site adjourning the National Theatre will be developed and utilised for the development of purpose-built creative hubs for the Fashion Industry, Music and Film as well as Information Technology (IT).
The Bankers Committee said the project will deliver a successful Creative and Entertainment city that will encourage additional investment into Nigeria’s creative industry
X-raying the National Arts Theatre
The National Arts Theatre stands as one of Nigeria’s most iconic landmarks.
Analysts believe the project will open financing opportunities for commercial banks when activities fully commence after the renovation.
On October 5, 2019, President Muhammadu Buhari approved the reconstruction of the National Theatre in Iganmu, Lagos, into a world-class convention center for the development of the creative sector in diverse areas, including entertainment, movies, music, fashion, and Information and Communication Technology (ICT).
As the initial investment in the creative industry, the government expects to create at least one million jobs when the project begins operations.
In 2022, the CBN and the Bankers’ Committee collectively agreed to invest over N65 billion to rehabilitate the National Arts Theatre and restore it to its former glory. This effort has been carried out in collaboration with the Federal Ministry of Information and Culture (FMIC), the Ministry of Youth and Sports Development, and the Lagos State Government.
Analysts said banks have opportunity to finance activities at the National Theatre but that depends how it is managed. According to them, there would be a lot of activities such as cultural, training schools, events, and skill development, among other activities that will require banks involvement.
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