Nigeria on Wednesday, October 1, 2025, officially reopened the newly renovated National Arts Theatre in Iganmu, Lagos, now renamed the Wole Soyinka Centre for Culture & Creative Arts, after a four-year, N68 billion transformation project led by the Central Bank of Nigeria (CBN) and the Bankers’ Committee. The reopening marks a major milestone in Nigeria’s creative economy, with a renewed focus on culture, tourism, and private sector investment.
The grand reopening ceremony, attended by President Bola Ahmed Tinubu, showcased the CBN’s growing role in supporting national development through creative industry investments. The event drew a distinguished audience that included First Lady Senator Oluremi Tinubu, Lagos State Governor Babajide Sanwo-Olu, Minister of Art, Culture and the Creative Economy Hannatu Musawa, and Nobel Laureate Professor Wole Soyinka, after whom the centre was renamed.
CBN Governor Olayemi Cardoso described the project as a deliberate investment in Nigeria’s cultural future rather than an act of philanthropy. “This contribution is a deliberate investment in Nigeria’s cultural infrastructure, not a routine act of corporate charity,” he said. Cardoso explained that the Bankers’ Committee collaborated with the Lagos State Government and the Ministry of Art, Culture and the Creative Economy to bring the vision to life.
The renovation, which began after the Federal Government approved a public–private partnership in 2020, saw the management of the National Arts Theatre and its surrounding estate transferred to the CBN on behalf of the Bankers’ Committee. The goal was to restore the decaying monument into a world-class creative hub capable of hosting modern events and performances while preserving its historical identity.
President Tinubu praised the transformation and announced the creation of a National Arts Theatre Endowment Fund to ensure the continuous maintenance and sustainability of the iconic edifice. “It has been a wonderful evening, and I have enjoyed myself. Now it is up to Cardoso and others to put together an endowment fund, and I will contribute to it. This is an opportunity to create jobs, maintain accessibility, and uphold commitment. This place will not go dry again,” Tinubu said.
Addressing the decision to rename the National Theatre after Wole Soyinka, Tinubu dismissed any controversy, describing the Nobel Laureate as a global icon whose contributions to literature and culture deserve national recognition. “Prof. Wole Soyinka is one of the greatest assets of the world. So, the renaming could not have gone to anyone else,” he said.
Cardoso noted that the restoration of the theatre, originally completed in 1976 and inaugurated during FESTAC ’77, was symbolic of Nigeria’s renewed pride in its creative identity. He said the new complex now includes upgraded performance halls, cinemas, exhibition galleries, rehearsal spaces, media rooms, and a library dedicated to African literature. The surrounding environment has also been redesigned to include gardens, outdoor exhibition spaces, and improved connectivity through the Lagos Blue Line rail project.
Professor Soyinka, in his remarks, admitted that he once believed the structure was beyond repair but commended the CBN and the Bankers’ Committee for restoring it to international standards. “With this renovation, Nigerians can now experience African theatre at home rather than travelling abroad,” he said.
Lagos State Governor Babajide Sanwo-Olu described the reopening as “a cultural and spiritual rebirth,” recalling the theatre’s historical importance as the host of FESTAC ’77, a continental festival that celebrated African unity and creativity. He commended the collaboration between the Federal Government, CBN, Bankers’ Committee, and Lagos State, adding that Lagos contributed additional land and ensured direct connectivity through the Blue Line Metro.
The renovation also includes a new development called the Signature Cluster, located on 44 hectares of land adjacent to the main theatre. The cluster features purpose-built facilities for music, film, fashion, and information technology. The construction was handled by Cappa & D’Alberto Limited, with Nairda Limited managing electrical works and VACC Limited overseeing mechanical systems. Each cluster building is designed to operate independently but foster collaboration among creative professionals.
Analysts believe that once fully operational, the centre will open new financing opportunities for Nigerian commercial banks and attract private investors. The creative city is expected to generate over one million jobs across various sectors, including entertainment, film production, cultural training, and digital innovation.
The CBN Governor said the success of the project shows what can be achieved when the public and private sectors unite for a national cause. “Seeing this transformation into a world-class facility is a testament to the resilience and spirit of Nigeria. For those who will work and perform here, it represents a major step forward, and all Nigerians have reason to be proud,” Cardoso said.
The rebirth of the National Theatre as the Wole Soyinka Centre for Culture & Creative Arts signals Nigeria’s renewed commitment to placing arts and culture at the heart of its economic growth strategy. It stands as a symbol of national unity, creativity, and opportunity, reminding Nigerians that the creative industry can drive both cultural pride and economic progress.
