Nigeria’s economy is set to experience a major boost following the transformation of the National Theater and the commencement of the Lagos Creative and Entertainment City, courtesy of a N22 billion financing by the Bankers Committee.
Data from the National Bureau of Statistics, NBS, showed that the creative industry contributed just N987.1 billion or 1.28 per cent to the nation’s economy in 2024. These comprise: N181.4 billion from the Arts, Entertainment And Recreation sector; and N805.7 billion from Motion Pictures, Sound recording and Music production.
However, the contribution of the two sectors is far below their potential contribution to the economy. It is estimated that the two sectors that make up the creative industry, if properly harnessed, can contribute $25 billion or N38.75 trillion to the economy.
This potential is reflected in the record crashing revenue generated by movies like ‘Everybody Loves Jennifer’ which attracted N1,88 billion and ‘A Tribe Called Judah’ which also attracted N1.4 billion in 2024.
Bankers Committee Intervention
The need to fully harness the potential of the creative industry, prompted the Bankers Committee, comprising the CBN and Chief Executives of banks, to commit N22 billion to the restoration and refurbishment of the upgrade of the National Theater.
The National Arts Theatre was completed in 1976 by the Obasanjo Government to host the largest the Second World Black and African Festival of Arts and Culture (FESTAC 77) in January 1977. It subsequently hosted some of the biggest and best musical artists from across the world. The stages were once the venue for world acclaimed theatre plays and dramas. In 1977, Stevie Wonder received his Grammy Award via satellite hook-up on the stage of the National Arts Theatre.
However the National deteriorated and almost deserted due to decades of neglect. Due to this long years of neglect, Nigeria, which is Africa’s largest economy, is no longer considered as the destination of choice for the various important entertainments, events and concerts being hosted in Africa, instead, countries such as Rwanda (Kigali Arena- the largest indoor arena in East Africa) and Ghana are usually the preferred.
Nevertheless, the National Theater still has the potential, the status and huge parcel of adjoining land to be the focal point and inspiration for millions of Nigerian youths seeking a platform and outlets to develop and showcase their creative talents.
In recognition of its potential, the CBN led Bankers Committee, chose the transformation of the National Theater and development of an ecosystem of creative hubs on the adjoining 44 Hectare parcel of land around the national icon, to establish of the Lagos Creative and Entertainment City, LCEC the first of three creative parks planned for three major cities across the country under the Creative Industry Financing Initiatives, CIFI of the Bankers Committee.
Creative Industry Financing Industry
The goal of the CIFI is to support startups and existing businesses in the creative industry space, as well as the development of a creative industry park across 3 major cities in Nigeria.
The aim of the Bankers Committee, through the establishment of the parks, is to create an environment where startups and existing businesses can be incubated and rewarded for their creativity.
According to the CBN, efforts will be focused in each park on discovering the most innovative young entrepreneurs across the music, movie, fashion and IT industries.
Each park will be able to support skills acquisition for over 200,000 Nigerians. These individuals will be empowered with funds at single digit interest rate, state-of-the-art tools, high level training and networks that will enable them to turn their ideas into a reality. When they are able to achieve this objective of creating a new music product, a high-quality movie, an IT software application, or a fashionable outfit, we will work to ensure that they are able to distribute their work on a large scale around the globe.
Lagos Creative and Entertainment City
The LCEC in will comprise the Fashion Building, the Music Building, the Film facility and the Information technology facility.
The Fashion building is a full-fledged apparel production facility with textile showroom, retail and photography spaces and teaching laboratories
The Music Building will house recording studios with all front and back-end spaces and facilities. An amphitheatre has been designed to adjoin the Music Hub in the master plan.
The Film Facility consists of stage set-up areas as well as all back-end spaces necessary for full production of films.
The Information Technology Facility consists of co-working and co-living spaces, training facilities and indoor and outdoor breakout clusters, all carefully designed to ensure that the interface with the creative users is enhanced.
National Theater Transformation
The transformation of the National Theater commenced on February 13th 2020, when the Federal Government handed over the National Theater to the Bankers Committee. The renovation of the iconic structure commenced on July 21 and was completed in 2024. The renovation works cover different spaces, including the 4,000-seater main bowl, over 3,000-seater banquet hall, two exhibition halls, three cinemas, VIP spaces, actors’ changing rooms, industrial kitchen, over 300 new toilet cubicles, clinic, fire station, lobbies within the four National Theatre entrances and extensive roof repairs.
Addressing journalists during a tour of the monument August last year the Managing Director/Chief Executive Officer of Sterling Bank Group who represented the Bankers’ Committee, Mr. Abubakar Suleiman disclosed that at the commencement of the project, “we were shocked at the scale of the work that needed to be done, but we were also impressed by the possibilities that it represented. This is one of the largest scaled projects of its kind anywhere on the continent.” He added that the standard to which the edifice has been restored is world class.
Impact on Nigerians & the economy
Speaking in company of some banks CEOs, after a tour of the transformed National Theater, Mr. Olayemi Cardoso praised the Banker Committee for the vision and commitment behind the restoration of the national monument.
He said: “ it is highly commendable, and one does have to commend the vision and the resources of the Bankers Committee for doing this.
It’s been a long, hard road, and if it was not for the belief and the commitment of those sponsors, this would never be realized, and indeed, it would have been a great disservice to our country, because embedded in what we see here is a lot of the history and culture of the Nigerian people, and if it was not for the fact that they had the vision and were determined to surmount all the obstacles in getting here. We wouldn’t be here today.”
Relishing personal memories of what the National Theater means to Nigerians and the global audience, Cardoso said: “For me as a Lagosian, I grew up here. I saw this in 1977 when we had FESTAC and subsequent times. We used to come here, we do have different events and activities, and we’re very proud of what we had as Lagosians.
“Sadly, years later, due to lack of maintenance and a whole host of things, the edifice, which was iconic at the time, unfortunately, fell into a state of disrepair and then abandonment.
“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.
“And I think beyond just the structures, which you know, are world class and really, to be frank, if you ask me, and I’ve been to many activities and the arts internationally, if you are to take people out of here and push them to somewhere else in the world, they will feel very comfortable.
“So I think that for those who are going to be using this, and for those whom this is going to be home to their profession, it’s a giant step forward, and it is something that we all as Nigerians should be extremely proud about.”
Speaking on the implication of the transformation of the National Theater for the economy, the CBN Governor, said: “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.
“And of course, as that happens, so with the prosperity of not just the creatives, but all Nigerians, and with that, I believe it will serve as a very powerful signal to the potentials for collaboration because once something like this is successful, others will take a cue, and it will speak for itself.”
