Reported by Ariajegbe Sylvia Esezobor
President Bola Tinubu has urged the Bolloré Group, one of France’s largest conglomerates, to deepen its investments in Nigeria’s film, entertainment, telecommunications and digital sectors, saying the country’s growing global cultural influence must translate into jobs and lasting economic benefits for Nigerians. The call was made on Friday during a meeting in Paris with Vincent Bolloré, chairman of the Bolloré Group, and senior executives of the company, as part of the President’s ongoing working vacation in Europe.
The discussions, disclosed in a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, focused on expanding the group’s Nigerian operations across film production, entertainment, fibre-optic infrastructure and the wider digital economy. Tinubu said the companies linked to the group, including Canal+, MultiChoice and Universal Music, were considering increased investments in Nigeria due to the country’s growing influence in Africa’s cultural and creative industries. “Through Canal+, MultiChoice, Universal Music and other businesses, they are looking to do more in Nigeria. They see our country as the arrowhead of Africa’s cultural awakening, powered by Nollywood, Afrobeats and the growing global appetite for Nigerian culture,” the President said.
The meeting followed a private dinner hosted on Thursday night by French President Emmanuel Macron at the Élysée Palace, an engagement the Presidency said reflected the enduring relationship between Nigeria and France and their shared commitment to strengthening bilateral cooperation. Tinubu arrived in Paris on September 13 after spending the first part of his three-week annual leave in London. He is expected to return to Nigeria at the end of the leave to resume official engagements and join preparations for the January 2027 general election.
The Bolloré Group is a French conglomerate with extensive interests in media, logistics and communications. Its media and digital holdings include Canal+, a major pay-TV operator in Africa; MultiChoice, the South African-based broadcaster with a significant presence in Nigeria; and Universal Music Group, the world’s largest music company. Canal+ has steadily increased its stake in MultiChoice in recent years, and the group has invested in logistics infrastructure across several African countries, including Nigeria. The company’s interest in expanding its Nigerian operations aligns with a broader push by the Tinubu administration to attract foreign investment into the creative economy, which the government has identified as a key pillar of economic diversification.
Tinubu said his administration was committed to ensuring that the value created by Nigerian talent remained in the country through increased local production, greater investment in domestic industries and infrastructure, and more employment opportunities for young Nigerians. “I want more of the value created by Nigerian talent to remain in Nigeria. More production at home. Greater investment in our local industries and infrastructure. More opportunities and jobs for our young people,” he said. He reiterated his call for greater localisation by MultiChoice, insisting that international companies operating in Nigeria must contribute more significantly to the development of local content and domestic value chains.
The President’s engagement with Bolloré comes amid a period of sustained diplomatic and economic engagement between Nigeria and France. France’s foreign ministry says Tinubu’s November 2024 state visit to France gave a strategic dimension to the bilateral partnership, with both countries signing declarations of intent covering economic cooperation, sustainable investments, critical minerals, banking, and the creative and cultural industries. The French development agency, AFD, has invested more than three billion euros in Nigeria since 2010, with projects across 26 of the country’s 36 states. Macron is also expected to visit Nigeria later this year, during which he is expected to lay the foundation stone for a new Institut Français in Abuja. France has been deepening its engagement with Nigeria’s creative sector through partnerships in audiovisual production, animation, gaming, fashion and music, including collaborations with Nigerian filmmakers, sound engineers and music professionals.
Nigeria’s creative economy has emerged as one of the country’s most dynamic sectors. The sector currently contributes roughly between 1.2 per cent and 2.3 per cent to Nigeria’s Gross Domestic Product and employs about 4.2 million Nigerians, making it one of the country’s largest employers of labour. The Federal Government has set a target of increasing the sector’s GDP contribution to 2.3 per cent and creating an additional two million jobs by 2030 under the Renewed Hope Agenda. Nigeria commands about 15 per cent of Sub-Saharan Africa’s 31-billion-dollar creative economy, and the global success of Nollywood and Afrobeats has driven international demand for Nigerian cultural products. Afrobeats has generated billions of dollars in global revenue, while Nollywood produces approximately 2,500 films annually, making it one of the world’s most prolific film industries. The United States International Trade Administration has estimated Nigeria’s entertainment industry at around 10.8 billion dollars, though Nigerian creators have argued that a disproportionate share of the value generated by their work leaves the country through foreign-owned distribution platforms.
Tinubu said his administration’s economic reforms were creating a more favourable environment for investment and growth, adding that the government’s responsibility was to ensure that such investments produced tangible benefits for citizens. “Our reforms are creating the conditions for investment and growth. My responsibility is to ensure that these investments translate into real opportunities for Nigerians. This is the purpose of the Renewed Hope Agenda,” he said. The President has consistently made the case for greater localisation of business operations in Nigeria, particularly by MultiChoice, and has argued that the country’s cultural moment must be converted into lasting economic value for its people.
The meeting with Bolloré is the latest in a series of engagements Tinubu has held with French business leaders and officials since assuming office in 2023. It also comes as the administration seeks to attract foreign investment to support its economic diversification agenda, with the creative economy identified as a priority sector alongside agriculture, energy and technology. For the Bolloré Group, Nigeria represents one of Africa’s largest and most dynamic media markets, with a young, increasingly connected population and a cultural output that commands global attention. Whether the discussions translate into concrete investment commitments will be watched closely by stakeholders in Nigeria’s creative industries, who have long argued that the sector’s global success has not been matched by commensurate investment in local infrastructure, production capacity and talent development. For now, the President has placed the creative economy at the centre of his engagement in Paris, framing it not merely as a cultural asset but as an economic engine capable of creating jobs, generating revenue and projecting Nigeria’s influence on the world stage.
📩 Stone Reporters News | 🌍 stonereportersnews.com
✉️ info@stonereportersnews.com | 📘 Facebook: Stone Reporters News | 🐦 X (Twitter): @StoneReportNew | 📸 Instagram: @stonereportersnews
Add comment
Comments