The long-awaited renovation of the National Arts Theatre, now named oyinka Theatre, is nearing completion, with expectations that it will generate over $25 billion in foreign exchange inflows through Nigeria’s creative sector.
Led by the Central Bank of Nigeria (CBN) in partnership with the Bankers’ Committee, the project aligns with the Federal Government’s broader ambition of building a $1 trillion economy by driving investments in the entertainment and digital industries.
During an inspection tour of the Lagos-based facility, CBN Governor Olayemi Cardoso highlighted the economic potential of the creative sector, stating that the revitalized theatre will serve as a catalyst for growth, benefiting not just creatives but the entire nation.
At the heart of the transformation is the Lagos Creative and Entertainment Centre, an initiative within the National Arts Theatre complex that includes a “Signature Cluster” featuring dedicated hubs for music, film, fashion, and information technology. This integrated space is designed to foster innovation, collaboration, and foreign investment in Nigeria’s entertainment industry.
Initially launched in 2021 with a budget of N21.3 billion, the renovation project has seen major upgrades led by Cappa & D’Alberto Limited, with Nairda Limited handling electrical installations and VACC Limited overseeing mechanical works. The facility, once completed, will offer modern infrastructure for cultural exhibitions, live performances, training programs, and business development in the creative sector.
Beyond its cultural significance, the revamped National Arts Theatre is projected to create at least 1 million jobs, directly and indirectly, by stimulating activities in various creative industries. To support this vision, commercial banks have rolled out tailored funding programs, including GTBank’s Creative Industry Financing Initiative, which provides loans of up to N500 million for entrepreneurs in fashion, music, film, and tech. Similarly, Access Bank’s Creative Sector Loan aims to boost capacity building and employment in media and software development.
The transformation of the 44-hectare site includes significant infrastructural improvements, with the Lagos State Government playing a key role in addressing environmental concerns and enhancing access through its ongoing light rail project. This improved connectivity is expected to make the theatre a central hub for creative events, international collaborations, and tourism.
With completion now in sight, industry analysts predict a surge in financial opportunities, positioning Nigeria as Africa’s leading hub for entertainment and digital innovation. The theatre’s revival is set to redefine the nation’s creative landscape, attracting global partnerships and solidifying its place in the world’s entertainment economy.
