This building is also home to collections of national, modern and contemporary Nigerian art from a bygone era.

The National Theatre was commenced by the military government of General Yakubu Gowon, but was completed during the military government of Olusegun Obasanjo.

The center's exterior is shaped like a military hat. It has a 5000-seater capacity Hall with a stage that's collapsible, two cinema halls and other eight simultaneous facilities. There's also seating for 2,500 as well as 6 meeting rooms and space for four 1,200-seat tents which can accommodate events of up to 10.

Built by the Bulgarian construction company Alhaji Sule Katagum was a co-owner and their chairman, the National Arts Theatre was designed and constructed in Lagos.

A resemblance of the Palace of Culture and Sports in Varna, Bulgaria (completed in 1968), but is larger than it.

Nigerian President Olusegun Obasanjo announced in 2005 his plans to privatize the National Arts Theatre.

In December of 2014, controversy erupted among Nigerian entertainers and playwrights when it was reported that the National Arts Theatre has been sold to a Dubai-based conglomerate for the sum of $40 million. The building will be converted into a duty-free shopping mall.