CBN and Bankers Commit N68bn to Restore National Theatre, Launch Wole Soyinka Centre for Culture & Creative Arts
Nigeria’s cultural landscape has received a major boost with the official reopening of the National Arts Theatre, now renamed the Wole Soyinka Centre for Culture & Creative Arts. The landmark N68 billion renovation, spearheaded by the Central Bank of Nigeria (CBN) and the Bankers’ Committee, transforms the historic Iganmu venue into a world-class hub for arts, performance, and creative industries. The reopening on October 1, 2025, signals a renewed focus on Nigeria’s cultural economy and the growing potential for financial institutions to support creative sector investments.
CBN Governor Olayemi Cardoso described the project as more than a renovation, calling it a “rebirth” that preserves the theatre’s iconic architecture while integrating modern facilities. The centre now boasts performance halls, cinemas, exhibition galleries, an African literature library, media and rehearsal spaces, and state-of-the-art infrastructure, complemented by landscaped gardens and improved access via the Lagos Blue Line rail. The initiative also reflects Nigeria’s broader economic ambitions, aligning with government efforts to stimulate growth, job creation, and public-private collaboration.
The reopening ceremony drew high-profile attendance, including President Bola Ahmed Tinubu, First Lady Senator Oluremi Tinubu, Lagos State Governor Babajide Sanwo-Olu, and the Minister of Art, Culture and the Creative Economy, Hannatu Musawa. President Tinubu highlighted the renaming of the theatre after Nobel Laureate Wole Soyinka, stating it honours Soyinka’s enduring contributions to the nation’s arts and cultural heritage. He also directed the establishment of a National Arts Theatre Endowment Fund to ensure the centre’s continuous maintenance and long-term sustainability.
Governor Sanwo-Olu and Professor Soyinka praised the project as a cultural and spiritual revival, recalling the theatre’s historic role in hosting FESTAC ’77, a pan-African celebration of arts and unity. Analysts project that the centre will create over one million jobs and stimulate investment in sectors including film, music, fashion, and technology. The development of the Signature Cluster adjacent to the theatre adds a dedicated creative city to attract further private sector participation and expand Nigeria’s cultural economy.
The Wole Soyinka Centre for Culture & Creative Arts now stands as a symbol of national pride, blending heritage with innovation. Beyond its cultural significance, the project demonstrates the impact of strategic public-private partnerships in transforming heritage assets into engines of economic growth. With its reopening, Nigeria signals a commitment to harnessing the arts as a driver of inclusive growth, creative opportunity, and global cultural influence.
source: punch