President Bola Ahmed Tinubu has said Nigeria must convert the growing global popularity of its music, films, fashion and culture into lasting economic value, increased local production and jobs for young Nigerians.
The President, who described the country’s growing cultural influence as a ‘remarkable cultural moment’, said he wants more of the wealth generated by Nigerian talent to remain in the country rather than being captured elsewhere.
Tinubu stated this in a post on his verified X handle, @officialABAT, on Friday evening after meeting French businessman Vincent Bolloré and executives of the Bolloré Group in Paris for talks on expanding investments in Nigeria.
The discussions focused on investments across film, entertainment, fibre-optic infrastructure and the digital economy, with the President pushing for greater localisation of businesses operating in Nigeria.
‘Nigeria is having a remarkable cultural moment in the world. Our music fills stadiums across continents. Our films and stories are reaching new audiences. Nigerian creativity, fashion and culture are commanding global attention.
‘We must turn this moment into lasting economic value for our people’, Tinubu said.
The President said his meeting with Bolloré and his executives involved extensive discussions on increasing their investments in Nigeria, particularly in sectors capable of harnessing the country’s rapidly expanding creative economy.
He said businesses associated with the group, including Canal+, MultiChoice and Universal Music, were interested in expanding their Nigerian operations.
‘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’, he said.
Tinubu, however, stressed that the international success of Nigerian talent must increasingly translate into economic benefits within the country through local production, infrastructure development and employment.
‘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’, the President said.
He disclosed that he had consistently pressed investors on the need for greater localisation, including in his engagements concerning MultiChoice.
‘I have made this case consistently, including on greater localisation by MultiChoice’, Tinubu said.
The President linked the investment discussions to his administration’s economic reforms, saying they were intended to create an environment capable of attracting capital and stimulating growth.
He added, however, that attracting investments was not sufficient unless they produced tangible benefits for Nigerians.
‘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’, Tinubu said.
The President’s post followed an earlier State House statement on the Paris meeting, which said Bolloré and his executives had outlined plans to deepen the localisation of their operations in Nigeria across film, entertainment, fibre-optic infrastructure and related sectors.
The meeting took place during Tinubu’s working vacation in France and forms part of his administration’s efforts to attract investment into Nigeria’s creative and digital sectors while retaining a greater share of the economic value generated by Nigerian talent at home.