Breaking: CBN Pumps N22bn into National Theatre to Boost Economy
By Nasir Dambatta
The Central Bank of Nigeria (CBN) and the Bankers’ Committee have initiated a N22 billion project to revitalize the National Arts Theatre and establish the Lagos Creative and Entertainment City (LCEC). This endeavor aims to significantly bolster Nigeria’s economy by unlocking the creative sector’s potential, which could contribute up to $25 billion (approximately N38.75 trillion).
In 2024, the creative industry contributed N987.1 billion, or 1.28%, to Nigeria’s Gross Domestic Product (GDP). This includes N181.4 billion from Arts, Entertainment, and Recreation, and N805.7 billion from Motion Pictures, Sound Recording, and Music Production. Despite these figures, the sector’s potential remains largely untapped.
The National Arts Theatre, completed in 1976 for FESTAC ’77, has historically hosted prominent global artists and events. However, years of neglect led to its decline, causing Nigeria to lose its status as a premier destination for major entertainment events in Africa. Recognizing the theatre’s potential, the CBN and the Bankers’ Committee are funding its restoration and developing the surrounding 44-hectare area into a creative hub. This initiative is part of the Creative Industry Financing Initiative (CIFI), designed to support startups and existing businesses in the creative sector.
The LCEC project is expected to rejuvenate the National Arts Theatre and establish a vibrant ecosystem for creative talents, providing platforms and opportunities for Nigerian youth to develop and showcase their skills. This transformation is anticipated to position Nigeria as a leading hub for arts and entertainment in Africa, fostering economic growth and cultural development.
