National theatre renovation project to boost creative industry’s $25 billion potential- Cardoso
The ongoing renovation project of the National Theatre in Lagos has been hailed by the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, as a crucial step in unlocking the vast potential of Nigeria’s creative sector.
Cardoso made this known during a recent tour of the near-complete facility.
According to Cardoso, the renovated National Theatre is expected to stimulate significant growth in the creative industry, which is estimated to be worth around $25 billion.
This projection is based on the industry’s potential to generate substantial revenue and create employment opportunities.
The CBN governor emphasized the importance of collaboration between the public and private sectors in driving growth and development. He noted that the successful execution of the National Theatre project demonstrates the power of such partnerships.
In 2022, the Central Bank of Nigeria and the Bankers’ Committee collectively decided to invest over N65 billion in rehabilitating the National Arts Theatre. Their goal was to restore the theatre to its former glory, and they worked closely with the Federal Ministry of Information and Culture, the Ministry of Youth and Sports Development, and the Lagos State Government to make it happen
While speaking on Thursday he said “This project is a critical step towards unlocking the enormous potential of the creative sector, which has been estimated at approximately $25 billion. As the industry grows and flourishes, the prosperity it brings will not be limited to creatives alone but will benefit Nigerians across the board”
Cardoso also stressed the need for collective ownership of the project, urging all Nigerians to take pride in preserving the National Theatre’s legacy.
The CBN governor’s comments highlights the significance of the National Theatre project in promoting Nigeria’s creative sector and driving economic growth.
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