Rebirth of a Legend: CBN, Bankers’ Committee Restore National Theatre as Wole Soyinka Centre for Culture & Creative Arts

The Central Bank of Nigeria (CBN) and the Bankers’ Committee have completed a landmark ₦68 billion renovation of the National Arts Theatre, Lagos now reborn as the Wole Soyinka Centre for Culture & Creative Arts marking a new era for Nigeria’s creative economy and cultural identity.

The grand reopening, held on October 1, 2025, was a defining moment in the nation’s cultural revival. The four-year project, led by the CBN and its banking partners, transformed the once-declining monument into a state of the art hub for art, innovation, and creative enterprise.

CBN Governor Olayemi Cardoso described the project as a strategic investment in Nigeria’s cultural and economic future, not merely an act of philanthropy. He praised the Bankers’ Committee for its commitment to restoring a landmark that had long symbolised the country’s artistic spirit.

“This is more than a restoration, it is a reawakening of our cultural ambition,” Cardoso stated.

The event, graced by President Bola Ahmed Tinubu, First Lady Senator Oluremi Tinubu, Lagos State Governor Babajide Sanwo Olu, and Minister of Art, Culture and the Creative Economy Hannatu Musawa, underscored the administration’s intent to position culture as a central driver of national development.

President Tinubu commended the initiative and announced the creation of a National Arts Theatre Endowment Fund to ensure sustainable maintenance and continued growth of the iconic structure.

“This is an opportunity to create jobs, sustain creativity, and preserve national heritage,” Tinubu declared. “This place will not go dry again,” The reopening signifies more than a facelift, it represents a blueprint for public private partnership in Nigeria’s development agenda. The CBN led intervention demonstrates how financial institutions can actively shape the creative economy by investing in infrastructure that fuels innovation, tourism, and employment.

For the Tinubu administration, the rebirth of the National Theatre aligns with the government’s $1 trillion economic growth vision, placing the creative sector at the forefront of diversification and inclusive development. The accompanying Signature Cluster project, including facilities for film, fashion, IT, and music, reinforces this vision of a creative-industrial ecosystem that generates both cultural capital and economic value.

Despite challenges ranging from pandemic delays to economic headwinds, the project’s successful delivery highlights Nigeria’s resilience and capacity for world-class execution.

As the curtain rises once more in Iganmu, the Wole Soyinka Centre for Culture & Creative Arts stands as a powerful symbol of renewal and national pride a place where heritage meets innovation, and where creativity takes centre stage in shaping Nigeria’s economic and cultural future.