The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has projected that Nigeria’s creative sector could generate up to $25 billion, following the completion of the National Arts Theater (NAT) upgrade. This historic edifice, refurbished by the Bankers Committee, is expected to serve as a major catalyst for economic growth through the creative industry.
The Economic Impact of the National Arts Theater Upgrade
Cardoso emphasized the significant economic potential of the creative sector during a tour of the renovated NAT. He highlighted how the theater could trigger collaborations that would further strengthen Nigeria’s economy.
“It is estimated that the creative sector can potentially generate about $25 billion. The prosperity of the creatives will serve as a powerful signal for collaboration opportunities. Once something like this is successful, others will take a cue, and it will speak for itself,” Cardoso stated.
The CBN governor also praised the partnership between the private and public sectors, noting that the collaboration, combined with the spirit of the Nigerian people, could elevate the nation’s creative industry to new heights.
The Legacy of the National Arts Theater
Reflecting on the history of the NAT, Cardoso recalled its significance during the 1977 FESTAC event. He expressed pride in the theater’s transformation from a state of disrepair to a world-class structure.
He added, “For me as a Lagosian, I saw this in 1977 when we had FESTAC. Sadly, due to lack of maintenance, the iconic edifice fell into disrepair. To witness this massive transformation to a world-class structure is a testament to the Nigerian spirit.”
A Bright Future for Nigeria’s Creative Industry
Cardoso believes the revamped theater will provide a professional home for creatives and enhance the industry’s potential. The initiative showcases the dedication and commitment of the sponsors and the Nigerian people to preserve history and culture.
For more insights on the impact of the creative industry on Nigeria’s economy, visit The Guardian Nigeria
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