The Governor, Central Bank of Nigeria (CBN), Olayemi Cardoso, has said the rehabilitated National Theatre will unlock $25 billion potential in the creative sector.

Cardoso, who started this yesterday in Lagos during a tour of the new look National Theatre alongside members of the Bankers’ Committee, said that the renovation of the creative industry centre would be a major driver for the country’s creative sector.

He also called on Nigerians to take the responsibility of safeguarding national treasure across the country, stressing that it was crucial that everyone, not just the Bankers’ Committee, take the responsibility to ensure that.

He told journalists that the transformation of the iconic National Theatre was beyond infrastructure, as it can cataylse the unleashing of the acclaimed potential of Nigeria’s creative sector, a development, he said, would also positively impact other sectors of the country’s economy.

He said: “It is estimated that the creative sector can potentially generate about $25 billion. This (renovated National Theatre), to my mind, will be a great catalyst for that to happen. And of course, as that happens, the prosperity will not be for just the creatives, but all Nigerians.

And with that, I believe it will serve as a very powerful signal to the potential for collaboration. Because once something like this is successful, others will take a cue, and it will speak for itself.”

The CBN governor commended the Bankers’ Committee for the successful execution of the National Theatre project, which, according to him, sends a strong message about the power of collaboration between the public and private sectors.

“When an initiative of this scale succeeds, it sets a precedent. It encourages others to follow, and soon the impact becomes self-evident,” Cardoso said.

He stressed the need for collective ownership of the project, stating that the responsibility of safeguarding the National Theatre’s legacy does not rest solely with the Bankers’ Committee but with every Nigerian.

In July 202, the Bankers’ Committee, in collaboration with the CBN, the Federal Ministry of Information and Culture, the Ministry of Youth and Sports Development, and the Lagos State Government, commenced the renovation of the National Arts Theatre as part of efforts to restore the edifice to its original glory.

Reflecting on the historical significance of the National Theatre, Cardoso, a Lagos indigene, recalled the pride the edifice once brought to the state during events such as FESTAC 1977. He lamented the years of neglect that led to its deterioration and eventual abandonment.

“I remember this place vividly. I recall its prominence during FESTAC 1977 and the many times we came here for various events and activities.

We, as Lagosians, were immensely proud of this iconic space. Sadly, over the years, due to neglect, lack of maintenance, and other issues, this remarkable edifice deteriorated and was eventually abandoned,” he said.