National Theatre Wears New Look as Bankers Committee Completes First Phase of $100m Renovation

The National Theatre looks astonishing as the first phase of the Central Bank-led rehabilitation reached its conclusion.

With the conclusion of the first phase, the venue is now set to host the United Nations World Tourism Conference.

While inspecting the facility, the Minister of Information and Culture, Alhaji Lai Mohammed noted that the renovation is the first major renovation work done on the National Theatre since it was built over 40 years ago. 

Investors King could recall that the national edifice was built in 1975 and has played host to a series of events such as concerts, dramas, film shows, symposia, exhibitions, workshops, and sports.

It provided a befitting venue for the 2nd World Black African Festival of Arts and Culture which was otherwise known as FESTAC 77. 

However, until the intervention of the Central Bank of Nigeria (CBN) and the Bankers’ Committee in 2022, the well-crafted edifice was left unattended. 

Working jointly with the Federal Ministry of Information and Culture (FMIC), the Ministry of Youth and Sports Development, and the Lagos State Government, the CBN, and the Bankers’ Committee had pledged to bring the national relic back to life with a $100 million investment fund. 

After the second phase, the National Theatre will have a world-class 5,000-seater main amphitheater, flanked by two world-class cinema rooms, banquet halls, and a library.

The facility will also have a 250-car park block, a police station, a fire station, and a visitors’ Welcome Centre which will house commercial and retail facilities, administration, and management offices.

The CBN governor who also commented on the completion of the first phase noted that the National Theatre is one of the symbols of Nigeria’s culture and heritage and therefore must be protected to enhance and celebrate the creative industries. 

He added that the completion of the first phase is a demonstration of the outcomes of what the public and the private sector can achieve when they work together.