The Nigeria creative industry has capacity to generate $25 billion annually, with the remodeling of the Wole Soyinka Theatre, Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso has said.
He spoke on Thursday when he, alongside members of the Bankers’ Committee toured the facility in Iganmu, Lagos.
He said: “It is estimated that the creative sector can potentially generate about $25 billion. This, to my mind, will be a great catalyst for that to happen. So, is the prosperity, of not just the creative sector, but for all Nigerians. It will serve as a very powerful signal to the potentials for collaboration. Once something like this is successful, others will take a cue, and it will speak for itself”.
The Memorandum of Understanding (MoU) for the handing over of the Soyinka Theatre to the Bankers’ Committee by the Federal Government was signed in February 2021, and had initial completion timeline of 15 months, and estimated cost of N21.3 billion
Themed the ‘Lagos Creative and Entertainment Centre’, the project is expected to restore the glory of an iconic building by aligning most of the fabric and equipment and facilities in the building with the aesthetics of the 21st century.
Cardoso commended the work done and the vision that has repositioned the Theatre to a world class status.
He said: “Well, firstly, it is highly commendable what we are seeing here today. One has to commend the vision and resources of the Bankers’ Committee for doing this. It has been a long, hard road, and if it was not for the belief and the commitment of those sponsors, this would never be realized.”
He explained that it would have been a great disservice to the country if this was not achieved, because embedded in the theatre is a lot of the history and culture of the Nigerian people.
He said the Bankers’ Committee had a vision, and were determined to surmount all the obstacles in getting the theatre to where it is today.
“For me as a Lagosian, I grew up here, and saw this in 1977 when we had FESTAC and subsequent times, we used to come here to have different events and activities and we were very proud of what we had as Lagosians. Sadly, the edifice, which was iconic at a time, fell into a state of abandonment,” he said.
“So, to have been able to live today, to see this massive transformation to a world class structure is again a testimony to the Nigerian spirit. For those who are going to be using the edifice and those whom it is home to their profession, it is a giant step forward. It is something that we all as Nigerians should be extremely proud of,” he added.
He said the difficult work on the theatre has already been done, adding that not just the Bankers’ Committee, but all Nigerians should take pride in defending the Theatre.
“This is a very, very, very major reflection. And when you go around and you see, and some of you have toured already, you will see that a lot of our culture is embedded in the structures here. So, it is beyond just an edifice. It is what it represents.”
“Going forward, I am very certain that the partnership that has taken place between the private sector and public sector that has resulted in this, that spirit, in conjunction with the Nigerian people, will take us to the next level,” he said.
The Bankers’ Committee also, funded the prototype cluster located to the north of the National Arts Theatre, labelled the “Signature Cluster” consisting of a building each for Music, Film, Fashion and Information Technology verticals.
The main contractor for the project is Cappa & D’Alberto Limited while the Electrical Sub Contractor is being handled by Nairda Limited, and VACC Limited is in charge of the Mechanical Sub Contractor.
The aim is to deliver a successful Creative and Entertainment city that will encourage additional investment into Nigeria’s creative industry.
According to the Bankers’ Committee, a portion of the site was earmarked for the construction of the “Signature Cluster”, which consists of one building each for Fashion, Music, Film and IT.
The committee, said each structure was uniquely designed to function independently, yet providing the opportunity for extensive collaborations between the different creative communities.
The 44-hectare site adjourning the National Theatre will be developed and utilised for the development of purpose-built creative hubs for the Fashion Industry, Music and Film as well as Information Technology (IT).
The Bankers Committee said the project will deliver a successful Creative and Entertainment city that will encourage additional investment into Nigeria’s creative industry.
