Culture, Creative Industry (CCI), over the years, has been described as the untapped gold mine of the Nigerian economy and that if well harnessed can transform it.
Unfortunately, despite the  key role this sector is expected to play, it has over the years failed to meet the yearning of many Nigerians in terms of its catalysing effect in the economy. The domestic economy is not impacted.
   
The failure of government to improve infrastructure as well as empower creatives has meant that benefits of economic growth is denied the industry. 
On March 21, 2011 over 450 members of the creative community gathered at the banquet hall of the Eko Hotel & Suites in Lagos. It was an event, which many, who attended, would not forget in a hurry. It was a meeting initiated by the former President Goodluck Jonathan with the objective of lifting the CCIs.
The 2011 meeting with creative sector was 26 days to the presidential election, which held April 16, 2011.
   
At the Presidential parley, virtually all the disciplines in the art, through their professional bodies, spoke on the challenges militating against their professional and career fulfillment.
Speaking at the parley, Culture Communicator and Advocate, Ben Tomoloju, who summarised the submissions on the platform of the Coalition of Nigerian artists, CONA (which coordinated invitation of majority of the participants) urged the presidency to establish infrastructure and relevant facilities to back up the mobility and diversity of the creative industry.
   
With few months to the end of President Muhammadu Buhari’s administration, the renovation of National Theatre, Iganmu, Lagos, no doubt, is one Christmas gift culture purists, missioners, workers and aficionados will not forget in a hurry.  It answered one of the issues raised over a decade ago: The need for that facility to be restored.
The sorry state of this national monument and the desire to aggressively ramp up activities in the non-oil sector forced the Bankers’ Committee, in collaboration with the Central Bank of Nigeria (CBN) to intervene in the National Theatre and the creative sector at large.
   
There are high expectations that the facility will help to attract more investments into the nation’s creative sector, and by extension, support the federal government’s drive to improve the country’s non-oil revenue.
   
The expression of industry excitement started when the federal government handed over the theatre complex, alongside the 44 acres of barely developed land, to the Bankers’ Committee in July 2020 for renovation and recreating of the complex into a job and wealth creation venture for the creative industry and related industries.
   
Assuring the public of the sincerity of purpose of the Bankers’ Committee and the CBN on delivering the project, Godwin Emefiele, the CBN governor, noted at his visit to the theatre complex after the handover that work would commence in early 2021 and would be completed and commissioned in November 2022 by President Muhammadu Buhari.
   
“Our goal for the National Theatre is to create an environment where startups and existing businesses are rewarded for their creativity.
“These Nigerians will be empowered with funds at single digits interest rate, high level training using state-of-the-art tools, and networks that will enable them to turn their ideas into a reality,” Emefiele said.
Hence, the N21 billion will go into recreating the iconic edifice, installing world-class facilities, and providing funding and platforms that will enable creative talents to hone their craft, help in creating wealth and engage the global audiences better.
   
The edifice, according to the Bankers’ Committee, will be at the heart of a larger development of hubs that will form an ecosystem of the creative sector including; film, fashion, information technology and music, alongside other critical amenities with the ultimate objective of unleashing opportunities for the youth, competence and capacity building and enhancement of the prospects for revenue generation.
   
Among the facilities expected after the renovation is the Creative Center, which will offer platforms for growing further on music, movies, fashion and ICT potential.
So far, things are looking up for the theatre, considering the level of completion of the renovation work, amid new services routes, remodeled interior spaces, nearly 300 units of conveniences, 3,000 square-metre roof terrace, which had been a major source of leakages is now replaced, while the floors, walls, panels, and ceilings had been stripped back as part of a plan to ensure that all underlying structures are able to support new finishes.
   
The renovated theatre is also offering a 4,000-seater main bowl, the new stage infrastructure with future-fit performing arts spaces for dance, theatre, music and multimedia with adjustable acoustics and advanced technical systems adaptable to the requirements of audiences, artists and sponsors.
   
Also, the banquet halls and exhibition spaces as well as the two 500-seater cinemas now wear new walls, floor and ceiling finishes. Also, a station of the Lagos rail is expected to complement other world-class facilities expected at the theatre complex later including; a five-star hotel, ultramodern car park, leisure park, artists’ village among others.
   
Looking at the impact of the renovation, the Bankers’ Committee explained that the revamping of the theatre is necessary considering that Nigeria has the potential to earn over $20 billion annually from the creative industry.
   
For the CBN governor, the renovation would lift the Nigerian youths, the creative industry, and the country from the high level of unemployment, amid huge impact on GDP.
   
“The National Theatre when fully renovated will be able to support skills acquisition and job creation for over 1 million Nigerians over the next five years,” Emefiele said.
He thinks that the renovation will boost creative business in Lagos mainland as many events that hitherto hold on Lagos Island for lack of facilities in mainland will now shift to the revamped theatre.
     
But he fears that the operators of the revamped theatre might raise fees that would scare art practitioners, event organisers and even the public from patronising the place as is usually the case with facilities that the government handed over to the private sector to remodel and operate.
   
“I hope the artist community, creative talents and other related stakeholders who the renovation is meant to help would not be the losers at the end, especially if the operators hike fees for using the facilities above the reach of the creative industry practitioners,” he noted with keen concern.
   
The government through the minister of Information and Culture, the CBN governor and the Bankers’ Committee, key partners in the project, have earlier allayed the fear saying that such will run against the objective of the renovation and government’s plan to create over 1 million jobs for Nigerians in the next five years in the creative industry, as well as denying Nigeria earnings from the creative industry, which has potential to earn over $20 billion annual revenue for the country.
   
More also, to ensure sustainable business and world-class operation of the theatre after the renovation, the minister noted that a special vehicle that would be created by the Bankers’ Committee would be in charge of the operations.
   
He assured further that the operation would be void of government interference, while the operators would apply world’s best practice and proven business models in their operations.
   
But what matters most for creative industry stakeholders is having easy access, affordability and availability of sustainable platforms at the renovated theatre to help hone, showcase talents and also help in creating jobs, wealth and impacting the nation’s GDP.