Nigeria’s music industry generates an estimated $600 million annually and is on track to more than double in size over the next decade, reaching as much as $1.03 billion by 2033.
The findings were unveiled by Hannatu Musawa, Nigeria’s minister of art, culture, tourism and the creative economy, in a foreword to Basslines to Billions: Nigeria’s Music Market Intelligence Report.
The report is a first-of-its-kind publication that seeks to place hard numbers behind one of Africa’s most globally visible creative movements.
Developed through a collaboration between the National Council for Arts and Culture and investment advisory firm RegalStone Capital, the report offers a detailed examination of the country’s music ecosystem, from revenue streams and employment potential to its position within the global value chain.
“Nigeria’s music is more than an art form,” Musawa wrote. “It is an engine of enterprise and soft power.” The report estimates current annual revenues at roughly $600.7 million, or about N901.6 billion, and projects growth at an average annual rate of 7%.
“At that pace, the industry would reach approximately $1.03 billion, or about N1.5 trillion by 2033.’’
Officials say this momentum aligns with President Bola Ahmed Tinubu’s “Renewed Hope Agenda,” which emphasizes economic diversification beyond oil and gas.
Nigeria’s music sector has become one of Africa’s most dynamic creative industries, fueled by global demand for Afrobeats and a young, digitally connected population.
Revenue flows from a wide range of sources, including streaming royalties, live performances and festivals, brand partnerships, publishing and songwriting, and newer channels such as social media monetization and virtual platforms.
Together, these streams form a multichannel ecosystem already valued in the hundreds of millions of dollars and positioned for rapid expansion.
Live performances remain the dominant source of income for artists, the report finds, accounting for between 65.7% and 74% of total earnings in 2024. While streaming and digital platforms continue to grow, the data suggest that concerts, tours and festivals still underpin the financial viability of many Nigerian musicians.
Despite the optimism, the report highlights persistent structural challenges that limit the sector’s full potential, including gaps in financing, infrastructure and policy coordination. Musawa described the publication as more than a statistical exercise, calling it a “signal of intent” to ground cultural policy in evidence and to improve access to sustainable financing for creators.
By documenting the industry’s economic value, officials argue, Nigeria is better positioned to design policies that support global competitiveness not only in music, but across related creative sectors such as fashion, film, sports and food.
The timing of the report coincides with a string of high-profile achievements by Nigerian artists on the global stage.
Among the most notable is the rise of Sarah Oyinkansola Aderibigbe, known professionally as Ayra Starr, who has surpassed one billion total views on YouTube, becoming the first Nigerian female artist to reach the milestone. The 22-year-old singer, signed to Mavin Records, achieved the feat largely on the strength of her breakout hit “Rush,” which alone has amassed more than 458 million views.
An earlier report by Naijaonpoint showed Nigerian artists earned over N58 billion in royalties from Spotify in 2024, more than doubling the figures from 2023 and marking a fivefold increase compared to 2022. This was according to information revealed in the company’s 2024 Loud & Clear report.
An earlier report by Naijaonpoint showed Nigerian artists earned over N58 billion in royalties from Spotify in 2024, more than doubling the figures from 2023 and marking a fivefold increase compared to 2022. This was according to information revealed in the company’s 2024 Loud & Clear report.