Nigerian Government has called on the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, and other key stakeholders to establish an endowment fund dedicated to the maintenance and sustainability of the newly renovated National Arts Theatre, now renamed the Wole Soyinka Centre for Culture and Creative Arts.
The President made the appeal on Thursday in Lagos during the official reopening of the iconic facility after extensive renovations. He urged Nigerians to embrace unity and optimism about the country’s future, adding that the new fund would ensure the theatre’s upkeep, create jobs, and guarantee long-term access. “It is now left for Cardoso and others to put together an endowment fund, and I will contribute to it. It’s not a bad thing for us to use this opportunity to create jobs, maintain accessibility, and commitment. This place will not go dry again,” he said.
The President praised the successful completion of the project and expressed confidence in Nigeria’s economic recovery under his administration. “Nigeria has survived, the economy has recovered. I am confident, if we manage it properly, prosperity will come,” he stated.
CBN Governor Olayemi Cardoso revealed that the Bankers’ Committee invested approximately N68 billion in the renovation, describing the project as a model of effective collaboration between the public and private sectors. “This project stands as proof that when the public and private sectors unite behind a shared national purpose, there is no limit to what Nigeria can achieve,” he said, adding that the initiative was a deliberate investment in Nigeria’s cultural and creative future.
Cardoso also paid tribute to the late Herbert Wigwe for his vision and dedication to the project and expressed appreciation to the Lagos State Government and other partners for their support.
Nobel laureate Wole Soyinka, in whose honour the theatre was renamed, reflected on the building’s origins and expressed gratitude for the recognition. “My hope is that with the recreation of this building, we won’t be going all the way to Abu Dhabi to watch African theatre,” he said.
Minister of Arts, Culture, and Creative Economy Hannatu Musawa highlighted the creative industry’s central role in Nigeria’s economic diversification agenda under the Renewed Hope plan. She outlined ongoing initiatives such as the Creative Economy Development Fund and the Creative Tourism Infrastructure Corporation, which aim to empower Nigerian youth and attract investment.
She also spoke about the Motherland Initiative, which seeks to reconnect the Nigerian diaspora with their cultural heritage while creating platforms for collaboration and growth.
The reopening of the Wole Soyinka Centre signals a new era for Nigeria’s creative and cultural industries. Once neglected, the historic theatre has been revived through a mix of public-private partnerships, visionary leadership, and national commitment.
For creative entrepreneurs and small businesses, the revitalised centre offers more than just a performance space. It promises new opportunities for collaboration, talent development, and access to markets, all essential for building a vibrant creative economy capable of driving growth, creating jobs, and boosting Nigeria’s global cultural influence.
With Nigeria’s Government push for an endowment fund and significant investment already made, stakeholders believe the centre will now thrive as a hub of inspiration, creativity, and opportunity for generations to come.
