The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called on Nigerians to take ownership of the newly revitalised National Arts Theatre, describing it as a crucial repository of the nation’s history and culture.

Speaking during an inspection of the Lagos landmark alongside members of the Bankers’ Committee on Thursday, Cardoso commended the committee’s vision and financial commitment to the restoration project.

He emphasised the theatre’s immense cultural significance, stating that it encapsulates the essence of the Nigerian people. He further noted that the creative sector has the potential to generate an estimated $25 billion, serving as a powerful driver of economic growth.

Reflecting on the years of neglect that led to the theatre’s decline after its peak during and after FESTAC ’77, Cardoso expressed satisfaction with the ongoing restoration efforts, which he said meet international standards.

“This is a major step forward and a source of immense pride for all Nigerians. Moving forward, it is crucial that we all, not just the Bankers’ Committee, take responsibility for safeguarding this national treasure,” the governor stated.

He highlighted that the renovation is aimed at unlocking the creative sector’s potential for Nigeria’s youth, providing them with opportunities to thrive.

The renovation of the National Arts Theatre commenced in July 2021, following approval by the federal government and the subsequent handover of the structure to the Bankers’ Committee. The transformation is expected to turn the monument into a vibrant hub for creativity and entertainment, generating employment, boosting incomes, and attracting foreign investment.

Key features of the extensive renovation include upgrades to the 4,000-seat main auditorium, the 3,000-seat banquet hall, exhibition halls, cinemas, VIP sections, and other essential facilities such as kitchens, clinics, and fire stations. Additionally, comprehensive roof repairs have been undertaken, and over 300 new toilet cubicles have been installed.

The project aims to position the National Arts Theatre as a world-class cultural centre while preserving its legacy for future generations.