National Arts Theatre upgrade to boost creative sector to $25bn – Cardoso

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has projected that the creative sector will generate approximately $25 billion following the completion of the National Arts Theatre (NAT) upgrade.

Speaking during a tour of the refurbished NAT, a project undertaken by the Bankers Committee, Cardoso described the development as a “great catalyst” for the revenue potential of Nigeria’s creative industry.

“It is estimated that the creative sector can potentially generate about $25 billion… with the prosperity of the creatives, I believe it will serve as a very powerful signal to the potentials for collaboration. Because once something like this is successful, others will take a cue, and it will speak for itself.

“I am very certain that the partnership that has taken place between the private sector and public sector that has resulted in this spirit, in conjunction with the Nigerian people, will take us to the next level,” he said.

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Cardoso commended the commitment of the Bankers Committee in executing the project, noting that their vision and resources were instrumental in reviving the national monument.

“Embedded in what we see here is a lot of the history and culture of the Nigerian people. If it was not for the fact that they had the vision and were determined to surmount all the obstacles in getting here, we wouldn’t be here today.

“For those who are going to be using this, and for those whom this is going to be home to their profession, it is a giant step forward, and it is something that we all as Nigerians should be extremely proud of.”

Cardoso also highlighted the theatre’s historic significance, recalling its role in hosting FESTAC ’77 and other major cultural events. He expressed optimism that its restoration to a world-class standard would rejuvenate the Nigerian creative industry and encourage further investments in the sector.