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Nigeria’s creative leap: From arts to energy

Explore Nigeria’s $25 billion creative sector potential, a landmark gas supply deal, and surging electricity output amid economic shifts.

Author

Samuel Okocha
March 09, 2025

Welcome to this week’s 234Digest: Sunday Edition—a roundup of essential updates on Nigeria’s economy, business environment, and cultural milestones. Published twice weekly on Wednesdays and Sundays, we bring you the stories shaping Nigeria.

In today’s edition, we explore Nigeria’s efforts to unlock the $25 billion potential of its creative sector with the transformation of the National Arts Theatre, a landmark gas agreement to boost domestic supply, and surging electricity output following infrastructure upgrades. We also highlight Nigeria’s ambitious cocoa production targets amid rising global prices and a lawsuit against MultiChoice for defying regulatory directives. Finally, our Photo of the Day captures the synergy between Nigeria’s informal and corporate sectors, featuring a shoe cobbler hard at work in front of a heavy-duty pickup truck—a perfect symbol of the nation's drive for inclusive economic growth.

The sun has been shining brightly over Abuja today, and at 6:45 pm, I’m hitting send on this newsletter. Let's dive in.

Word for word

"This is not just an edifice; it represents our history and culture. The transformation of this landmark into a world-class facility is a testament to the Nigerian spirit"

— Olayemi Cardoso, Governor of the Central Bank of Nigeria

Today’s briefs

National Arts Theatre revamp to unlock $25 billion creative potential

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has hailed the transformation of Lagos’ National Arts Theatre as a catalyst for unlocking the $25 billion potential of Nigeria's creative sector. Speaking during a tour of the refurbished landmark, Cardoso emphasized that the upgraded facility meets international standards and could position Lagos as a global creative hub.

The project, executed in partnership with the Bankers’ Committee, includes extensive upgrades such as a 4,000-seater main bowl alongside cinemas, exhibition halls, VIP spaces, and solar-powered infrastructure. Cardoso described the initiative as a testament to Nigeria’s resilience and commitment to cultural preservation.

NNPC signs 20-year gas deal for Lagos LNG plant 

The Nigerian National Petroleum Corporation (NNPC) agreed to supply 80 million standard cubic feet per day (mmscf/d) of natural gas to Lagos based energy firm Ssonic Petroleum Ltd. for its proposed LNG plant in Lagos’ Lekki Free Trade Zone, under a 20-year Gas Sale and Purchase Agreement (GSPA). The agreement aims to boost domestic gas use for industrial growth and cleaner energy.

Power output surges by 30% amid infrastructure upgrades

Nigeria’s electricity generation surged by 30% last week, peaking at 5,801 MW after completing key upgrades to its power infrastructure. The Transmission Company of Nigeria (TCN) commissioned 66 new transformers and built additional substations as part of ongoing efforts to improve grid reliability.

The government has also secured $1.1 billion from the African Development Bank (AfDB) and $192 million for transmission capacity expansion. Officials are optimistic that electricity output could surpass 10,000 MW by 2026, bolstering President Bola Tinubu's plans for economic growth through improved power supply.

Nigeria targets cocoa expansion amid global price surge

Nigeria is seeking to capitalize on surging cocoa prices by increasing production to 500,000 tonnes in the 2024-2025 season, a 79% jump from last season’s 280,000 tonnes. The ambitious target is part of the government’s bid to challenge the dominance of top producers like Ivory Coast and Ghana.

Local firms are investing in rehabilitating plantations as global prices remain high at over $8,000 per tonne. However, experts caution that Nigeria’s push to become a major cocoa player must be balanced with sustainable practices to mitigate the environmental risks associated with monocrop.

Nigeria regulator sues MultiChoice over price hike

Nigeria’s competition watchdog has filed charges against MultiChoice Nigeria, accusing the pay-TV provider of ignoring regulatory orders to freeze prices for its DSTV and GOtv services. The Federal Competition and Consumer Protection Commission (FCCPC) alleges that MultiChoice obstructed its investigation by pushing through price increases despite explicit directives to maintain existing rates.

The lawsuit highlights growing tensions between regulators and private companies over consumer protection in Nigeria, West Africa’s largest economy.

Catch Up: National Arts Theatre—a creative revival

After decades of neglect, Nigeria's iconic National Arts Theatre is being restored to its former glory, positioning the country as a global creative hub.  

The theatre, built in 1976, hosted the prestigious Second World Black and African Festival of Arts and Culture (FESTAC 77) and was once Africa's largest cultural venue. However, years of disrepair and bureaucratic challenges led to its decline. 

A comprehensive renovation project, which began in 2021 and spearheaded by the Bankers' Committee in partnership with the Federal Government, has transformed the theatre into a world-class facility. The revamped complex features:

  • A fully renovated 4,000-seater main bowl alongside cinemas, exhibition halls, VIP spaces, and solar-powered infrastructure.

  • Enhanced fire safety systems, modernized sewage networks, and advanced stage engineering systems.

  • External upgrades include themed landscapes, street lighting, CCTV cameras, and expanded parking facilities.

The restoration is expected to unlock $25 billion in creative sector revenue, create jobs, and boost foreign exchange earnings. The theatre will also house creative hubs for music, film, fashion, and IT within its 44-hectare site. 

In November 2022, the theatre hosted a United Nations World Tourism Organisation (UNWTO) conference, highlighting its potential as a venue for international events. 

The revival stands as a shining example of Nigeria's effort at harnessing the power of its vibrant creative sectors, fueling the engine of economic prosperity. As Olayemi Cardoso noted, "As this unfolds, it will drive prosperity, not just for creatives, but for all Nigerians."

Photo of the day 

The Dance Between Casual and Corporate Worlds: In Abuja, a dedicated shoe cobbler is hard at work in front of a sturdy pickup truck, while a corporate worker watches patiently from inside. This scene beautifully illustrates the vital connection between Nigeria's informal sector, which offers essential services, and the corporate world. Together, they play a crucial role in boosting the country's economy. It’s a snapshot of resilience and collaboration as Nigeria aims for more inclusive growth. Photo by Samuel Okocha/234Digest.

Data snapshot

  • Creative sector potential: $25 billion; driven by National Arts Theatre revamp.

  • Gas supply agreement: 80 mmscf/d over 20 years; supports LNG plant in Lekki.

  • Electricity output peak: +30% this past week; record high: 5,801 MW.

  • Cocoa production target: 500,000 tonnes (2024-2025 season); up from 280,000 tonnes in 2023.

  • FCCPC Lawsuit: MultiChoice faces charges over DSTV/GOtv price hikes.

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