By IYADUNNI GBADEBO

IT is fitting to say that the growth of Nigeria’s tourism and creative economy owes much of its success to strategic collaborations largely championed by public-spirited organisations in Nigeria’s private sector. A recent development that has, once again, brought this to the fore is the Bankers Committee’s transformative role in rehabilitating the iconic National Theatre, a cultural edifice once on the brink of dilapidation. Now reinvigorated into a world-class cultural heritage centre, this monumental effort signifies a broader trend: the private sector’s increasing intervention in areas historically underfunded or neglected by the government. While the Federal Government failed to maintain this architectural masterpiece for decades, the private sector’s ingenuity and commitment are now turning the tide.

The National Theatre as a symbol of cultural revival

For years, the National Theatre in Lagos suffered from decay, neglect, and bureaucratic mismanagement – a departure from its status as a global centre for the performing arts, having hosted the second edition of the world Festival of Arts and Culture, FESTAC, in 1977, just as soon as it was completed.

Enter the Bankers Committee. While speaking during a tour of the revamped edifice recently, the MD/CEO of Sterling Bank Group, Mr. Abubakar Suleiman, who represented the Bankers’ Committee, said: “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 commenced in July 2021, following approval by the Federal Government and the subsequent hand over to the Bankers Committee – a consortium of Nigeria’s financial institutions.

Through its intervention, the National Theatre has been revamped, and its transformation extends beyond simple rehabilitation. It has become a key pillar in Nigeria’s push toward expanding its tourism and creative economy, functioning now not only as a venue for cultural exhibitions and performances but as a hub for fashion, film, music, and technology.

This case of public-private partnership highlights the critical role the private sector plays in driving infrastructural development, especially in areas neglected by public funding. By adopting the National Theatre, the Bankers Committee has established a blueprint for how the private sector can revitalise the nation’s tourism sector and support the broader creative economy.

One of the most remarkable examples of private sector excellence in promoting tourism and cultural engagement in Nigeria is Zenith Bank PLC. Over the years, the bank has emerged as a champion of initiatives that have not only boosted public anticipation of tourism spectacles but have also elevated the aesthetic and cultural vibrancy of Lagos, especially Victoria Island as a whole.

For the past two decades, Zenith Bank has undertaken the annual beautification and lighting of Ademola Adetokunbo and Ajose Adeogun Road in Victoria Island, Lagos. This stretch of road, which runs through one of Nigeria’s most prominent business districts, is transformed each Christmas season into a festive spectacle. With its dazzling Christmas-themed fixtures and elaborate decorations, the area becomes a major draw for residents and tourists alike. What started as a simple beautification project has evolved into a signature cultural event, with people commuting through the area taking photographs, sharing their experiences on social media, and contributing to the spectacle’s viral nature.

This seemingly simple act of beautification demonstrates how private enterprises can contribute to tourism indirectly by creating attractions that enhance the cultural fabric of the city. What Zenith Bank has done is more than just decorate; it has subtly injected a new tradition into Lagos’ urban experience, heightening public anticipation year after year. This effort goes beyond marketing to the realm of place-making, where commercial interests intersect with community and public engagement.

Zenith Bank’s involvement in supporting tourism extends beyond outdoor displays. The bank has also been a consistent supporter of the annual Tropical Christmas Wonderland at Eko Hotels and Suites. This event, a seasonal staple in Lagos’ tourism calendar, draws thousands of visitors and tourists every year, offering a blend of entertainment, shopping, and holiday festivities. As a leading sponsor, Zenith Bank’s role has been crucial in scaling the event, helping to amplify its visibility both within Nigeria and abroad.

This event has also contributed significantly to Lagos’ reputation as a destination for leisure and entertainment during the holiday season. The Tropical Christmas Wonderland isn’t just an event, it is a representation of how private sector support can create, sustain, and grow tourism initiatives that contribute to the local economy. The trickle-down effect is significant, benefiting the hospitality industry, local vendors, and artisans who participate in the event.

The private sector’s role in Nigeria’s tourism renaissance

The contributions of Zenith Bank and other private sector players like the Bankers Committee are illustrative of a broader trend where businesses are stepping in to play a critical role in Nigeria’s tourism and creative economy. While tourism is often viewed through the lens of government interventions in policy, infrastructure, and international promotion, the private sector is proving that it can lead initiatives that have a lasting impact, and quite frankly may be the Messiah that we are looking up to, to pull us out of the depressive state of our economy

The ripple effect of these private-sector-led initiatives is profound. First, they create a tangible tourism infrastructure that attracts both domestic and international visitors. The rehabilitation of the National Theatre and the promotion of culturally significant events like the Tropical Christmas Wonderland build long-term cultural capital for the country. Second, these initiatives stimulate local economies, providing opportunities for small businesses, artisans, and the service industry, all of which are essential for building a robust tourism sector.

Moreover, the private sector’s involvement brings an element of sustainability to the tourism industry. By leveraging corporate social responsibility, CSR, frameworks, companies like Zenith Bank ensure that their investments in tourism aren’t just seasonal or one-off events, but rather part of a long-term strategy to build cultural institutions and traditions that have enduring value.

As Nigeria continues to navigate its path toward becoming a leading destination for tourism and creativity in Africa, the private sector’s role will remain indispensable. By continuing to invest in cultural infrastructure, events, and public spaces, businesses can shape the future of Nigeria’s tourism industry, ensuring it thrives in a way that government interventions alone could never achieve. In doing this, we create a more vibrant, inclusive and sustainable tourism ecosystem that benefits the entire nation.

*Dr. Gbadebo, a public affairs commentator, wrote from Lagos