President Bola Tinubu has called on the Central Bank of Nigeria (CBN) to establish a dedicated endowment fund for the nation’s creative sector, an initiative he pledged to personally support. The move, announced at the grand reopening of the fully refurbished National Theatre in Lagos on Wednesday, October 1, is aimed at providing a sustainable, long-term financing structure to fuel the growth, innovation and global competitiveness of Nigeria’s booming arts and entertainment industries.
The iconic facility has also been officially renamed the Wole Soyinka Centre for Culture and Creative Arts, in honour of the Nobel laureate. The renaming and restoration, driven by an investment of ₦68 billion from the CBN-led Bankers’ Committee, signal a significant shift toward viewing the creative sector-spanning film, music, fashion, and digital arts-as a core economic engine.
CBN Governor Olayemi Cardoso confirmed the ₦68 billion investment, emphasising that the revitalisation project demonstrates the financial sector’s commitment to promoting the creative economy. He noted that the newly upgraded facility is designed to become a regional hub for arts, film, music and fashion, attracting international collaborations and global investors.
In his remarks, President Tinubu stressed that the proposed endowment fund is crucial for bridging existing financing gaps, enhancing intellectual property protection, and expanding export opportunities for Nigerian creatives.
“The creative industry is not just about entertainment; it is a driver of jobs, investment and innovation,” the President stated. “With the right funding structure, Nigeria can lead Africa and compete globally in culture and creativity.”
The President also challenged Nigerians to embrace a positive mindset and engage in storytelling that reshapes the nation’s global image, urging citizens to foster a deep sense of national pride.
The highlight of the ceremony was the address by Prof. Wole Soyinka, who explained why he reluctantly accepted the honour of having the national monument renamed after him. The literary giant, who is known for his criticism of past leaders who indiscriminately appropriated public monuments, admitted to accepting the honour with “mixed feelings.”
“I am notorious for criticising many appropriations, public monuments by some of our past leaders which end up with naming everything after them… it just didn’t sink very well on me,” he confessed to a hushed audience of traditional rulers, artists and policymakers.
However, a mix of nostalgia, a sense of collective responsibility, and what he described as a “conspirator’s ambush” ultimately swayed him. Soyinka recalled the theatre’s original structure, which he famously dubbed “the General’s hat” when it was first erected for FESTAC 77, and lamented its subsequent decay, noting that it had become so decrepit that the leaking roof and exposed wires nearly electrocuted two of his performers.
“I decided this building owes me,” he said, citing the near-fatal incident as a personal debt the theatre needed to repay.
He also acknowledged the extraordinary effort by the banking consortium, led by the CBN, in accomplishing what he had deemed “impossible.”
“So, these bankers I mentioned earlier have got together to make me eat my words,” Soyinka mused. “And if eating one’s words produces a morsel like this, then it is a very tasty set of words.”
The Nobel laureate also playfully included President Tinubu in his acceptance speech, referring to him as a “great conspirator” who ambushed him with the decision.
“He’s netted another victim. I want to thank you Mr. President,” he concluded, before expressing his profound hope that the recreated institution would elevate African theatre to the extent that patrons would no longer have to travel abroad to places like Abu Dhabi to watch local productions.
The revitalisation of the National Theatre and its renaming not only preserves a critical part of Nigeria’s cultural heritage but also positions it as a magnet for showcasing African talent and creativity to the world. The proposed CBN endowment fund promises to be the financial bedrock required to sustain this new era for the creative economy.
