A new Governing Board of the Institute was inaugurated on 23 October 2013, by the Honourable Minister of Culture, Tourism and National Orientation, Chief Edem Duke.

Membership of the Board, as appointed by the President of the Federal Republic of Nigeria, Dr. Goodluck Ebele Jonathan, is as follows: 

Alhaji Ibrahim Isma’il – CHAIRMAN
Execuitve Director/CEO, National Council for Arts & Culture (NCAC) – MEMBER
Execuitve Director/CEO, Centre for Blacks and African Arts & Civilisation (CBAAC) – MEMBER
Representative of National Universities Commission (NUC) – MEMBER   
Director-General, Nigerian Institute for International Affairs (NIIA) – MEMBER 
Representative of Federal Ministry of Culture, Tourism & National Orientation – MEMBER
Representative of National Commission for UNESCO (NATCOM-UNESCO) – MEMBER
Representative of National Institute for Policy and Strategic Studies (NIPSS) – MEMBER
Representative of Centre for Management Development (CMD) – MEMBER
Executive Secretary/CEO, NICO – Member/Secretary

The function of the Board is to formulate policies and set up achievable goals that will project NICO as the foremost Cultural Institute in Nigeria and work towards its attainment.