Yemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has stated that the country’s creative industry has the potential to generate a whopping $25 billion, by calculations. He stated this during his visit to Lagos’ newly refurbished National Art Theatre on Thursday, March 6.
The massive rehabilitation project comprises upgrades in certain areas of the theatre complex. These include the main bowl, which can accommodate 4,000 people, the dining hall, which can accommodate over 3,000 people, two exposition halls, three movie theaters and a VIP area.
Other areas that were renovated are the dressing rooms for performers, an industrial kitchen, more than 300 new bathroom cubicles, a clinic, a fire station, lobbies at each of the four entrances, and extensive roof repairs. The project began in July 2021 after receiving approval from the federal government.
Governor Cardoso stressed that upgrading the National Art Theatre up to international standards would help catalyze and unlock Nigeria’s creative industry’s $25 billion potential. He praised the Bankers’ Committee for their investment in the restoration project and its ambition. Cardoso further emphasized the theater’s historical and cultural importance. He pointed out that the National Art Theatre’s successful renovation suggests the possibility of more partnerships in a different field, saying:
“It is estimated that the creative industry can potentially generate about 25 billion US dollars. This (National Art Theatre), to me, would be a great catalyst for that to happen, and as that happens, so will the prosperity of not just the creatives but all Nigerians,” he stated.
“This is highly commendable. One just has to commend the vision and the resources of the Bankers’ Committee for doing this. If it was not for the belief and commitment of those sponsors, this world-class edifice would not have been realized,” he added.
The Bankers’ Committee took over the renovation project following approval by the Federal Government of Nigeria. In August 2024, the committee declared that the renovations were completed.
The goal of this rehabilitation project is to help creative industry in Nigeria reach its full potential, especially for the young people of the nation. The redesigned National Art Theatre is positioned to become a center for entertainment and creativity while also producing revenue, jobs, and foreign exchange earnings.
Overview of Renovations Works At The National Art Theater
Findings made by 9am News Nigeria reveal further details of the renovation works carried out at the National Art Theater complex. They include: Modern furnishings, sophisticated stage engineering, 17 passenger elevators, solar electricity, upgraded fire safety protocols, new water supply and sewage systems, Audio Video Lighting (AVL) systems, and the replacement of the HVAC system are just a few of the upgrades.
Other works include the ring road which was completed, four themed landscapes were created, a 250-car parking block was built, the three entrance gatehouses were upgraded, CCTV cameras and external street lighting were installed, and other exterior renovations were included.
With these improvements, the facility is guaranteed to satisfy international performance and theater arts standards. There are also efforts being made to restore the artwork on the building façade and wall panels.
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