Wale Tinubu pushes investment in Nigeria’s $6.4bn creative industry

Oando Plc Chief Executive Officer, Wale Tinubu, has called for increased investment in Nigeria’s creative industry, describing the sector as a major untapped economic opportunity capable of generating more value for the country.

Tinubu made the call while speaking to business leaders at the U.S.-Nigeria Council breakfast on the sidelines of the 81st United Nations General Assembly in New York.

He said Nigeria’s creative industry, currently valued at about $6.4bn, had demonstrated significant global commercial potential, particularly through the growth of Afrobeats and other creative exports.

“Our creativity,” Tinubu said, highlighting the industry’s potential.

He noted that Nigeria’s music industry alone generated more than $600m in 2024, while Afrobeats recorded over 2.2 billion streams globally on Spotify.

According to him, the major challenge facing the sector is not a shortage of talent but inadequate access to capital and commercial structures that would enable creators to retain more of the value generated by their work.

“The opportunity is to build the investment and commercial structures that enable our creators to retain more of the value they generate, build sustainable enterprises, and allow Nigeria to capture more of the value our talent is already creating globally,” he said.

“Our creativity is cultural influence. It is also economic power.”

Tinubu’s comments came as Oando reported improved financial performance in the first half of 2026.

The company’s total assets rose to N7.89tn as of June 30, from N7.44tn at the end of 2025, bringing the company closer to the $6bn mark in total assets.

Its cash and cash equivalents also increased to N544.9bn from N439.9bn during the period, while retained losses fell to N17.72bn from N88.5bn.

Oando’s profit after tax rose by eight per cent to N68.6bn in the first half of 2026, compared with N63.3bn recorded in the corresponding period of 2025.

Revenue also increased by 20 per cent, from N1.72tn to N2.06tn.

The company attributed the growth to improved earnings from crude oil sales, gas and trading activities. Crude receipts increased by 23 per cent to N245.8bn, while gas revenue rose by 40 per cent. Trading revenue also grew by 18 per cent to N1.72tn.

Oando recorded an operating profit of N127.8bn during the period, compared with an operating loss of N158.7bn in the first half of 2025.

Gross profit increased by 331 per cent, supported by lower spending on transportation, logistics and corporate services.

The company’s operating cash flow also improved, recording a positive N179.5bn compared with a cash outflow of N287.9bn in the corresponding period of 2025.

Tinubu said greater investment in Nigeria’s creative economy could help transform the country’s global cultural influence into sustainable businesses and jobs.