Tinubu woos French business group for more investment in Nigeria

President Bola Tinubu on Friday said his administration was seeking increased investment from France-based Bolloré Group in Nigeria’s film, entertainment, fibre optics and digital economy sectors.

Tinubu disclosed this in a post on his X handle after meeting with the chairman of Bolloré Group, Vincent Bolloré, and the company’s executives in Paris, on Friday.

He said the discussions focused on expanding the group’s investments in Nigeria through its businesses, including Canal+, MultiChoice and Universal Music.

The President wrote, “Today in Paris, I met with Vincent Bolloré of Bolloré Group, and his executives for extensive discussions on expanding their investments in Nigeria across film, entertainment, fibre optics and the digital economy.

“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.”

Tinubu said the meeting was held against the backdrop of the growing global reach of Nigerian music, films, fashion and culture.

“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,” he added.

The President said the government wanted a greater share of the value generated by Nigerian talent to remain in the country through increased local production, investment in local industries and infrastructure, as well as job creation.

“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.

Tinubu said he had consistently advocated greater localisation by MultiChoice and other businesses operating in the country.

He added that the government’s reforms were creating conditions for investment and economic growth.

“My responsibility is to ensure that these investments translate into real opportunities for Nigerians,” Tinubu said.

Bolloré is a prominent French businessman whose family-controlled Bolloré Group owns 30.4 per cent of Canal+, the French pay-TV and content group, along with stakes in Universal Music Group, Havas and other entities.

Canal+ has expanded aggressively in Africa and completed its acquisition of MultiChoice Group, the South African-based pay-TV operator that has a substantial presence in Nigeria through DStv and related services.

The Paris discussions form part of Tinubu’s ongoing efforts to court international investors for Nigeria’s non-oil sectors during his European engagements.

PUNCH Online had reported that Tinubu on Thursday met French President, Emmanuel Macron, for a private dinner at the Élysée Palace in Paris.

The dinner was disclosed by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, in a post on X on Friday.

Onanuga said the meeting reflected the enduring relationship between Nigeria and France and their shared commitment to strengthening bilateral cooperation.

Tinubu is on three-week annual leave in Europe. He started on August 30 with a visit to London, United Kingdom.

He arrived in Paris, France, for the second leg of the vacation on Sunday.