The growth of Nigeria’s tourism and creative economy is increasingly attributed to strategic collaborations led by public-spirited organizations within the private sector. A recent highlight of this trend is the Bankers Committee’s pivotal role in rehabilitating the iconic National Theatre, a cultural edifice that was once on the verge of collapse. This transformation into a world-class cultural heritage center underscores the private sector’s increasing involvement in areas historically underfunded or neglected by the government. While the Federal Government failed to maintain this architectural masterpiece for decades, private sector ingenuity and commitment are now turning the tide.
The National Theatre: A Symbol of Cultural Revival
For years, the National Theatre in Lagos suffered from decay, neglect, and bureaucratic mismanagement, straying far from its status as a global center for the performing arts. Having hosted the second edition of the World Festival of Arts and Culture (FESTAC) in 1977, the theater once stood as a beacon of cultural vibrancy.
The Bankers Committee stepped in to revive this cultural landmark. During a recent tour of the renovated edifice, Mr. Abubakar Suleiman, MD/CEO of Sterling Bank Group, representing the Bankers’ Committee, remarked, “We were shocked at the scale of the work that needed to be done, but we were also impressed by the possibilities that it represented. This is one of the largest scaled projects of its kind anywhere on the continent.” The renovation began in July 2021, following federal approval and the subsequent handover to the Bankers Committee, a consortium of Nigeria’s financial institutions.
The transformation of the National Theatre transcends mere rehabilitation. It has evolved into a crucial pillar in Nigeria’s efforts to expand its tourism and creative economy, now serving as a venue for cultural exhibitions, performances, and a hub for fashion, film, music, and technology.
This case of public-private partnership exemplifies the vital role the private sector can play in driving infrastructural development, especially in areas often overlooked by public funding. By adopting the National Theatre, the Bankers Committee has established a model for how the private sector can revitalize the nation’s tourism sector and support the broader creative economy.
Zenith Bank’s Contribution to Cultural Engagement
Another remarkable example of private sector excellence in promoting tourism and cultural engagement in Nigeria is Zenith Bank PLC. Over the years, the bank has become a champion of initiatives that not only boost public anticipation for tourism spectacles but also enhance the aesthetic and cultural vibrancy of Lagos, particularly Victoria Island.
For the past two decades, Zenith Bank has undertaken the annual beautification and lighting of Ademola Adetokunbo and Ajose Adeogun Roads in Victoria Island. This prominent stretch of road transforms into a festive spectacle each Christmas season, adorned with dazzling decorations and Christmas-themed fixtures, attracting both residents and tourists alike. What began as a simple beautification project has evolved into a signature cultural event, prompting people to take photographs, share their experiences on social media, and contribute to the spectacle’s viral nature.
This act of beautification illustrates how private enterprises can indirectly contribute to tourism by creating attractions that enrich the cultural fabric of the city. Zenith Bank’s efforts go beyond mere decoration; they have subtly introduced a new tradition into Lagos’ urban experience, heightening public anticipation year after year. This initiative transcends marketing, entering the realm of place-making where commercial interests align with community engagement.
The revitalization of the National Theatre and the beautification initiatives led by Zenith Bank exemplify how strategic collaborations between the private sector and cultural institutions can transform Nigeria’s tourism and creative economy. By stepping in where public funding has fallen short, these initiatives not only preserve cultural heritage but also foster economic growth, social engagement, and a vibrant urban experience that benefits all Nigerians.