By Nchetachi Chukwuajah
A new report says Nigeria’s music industry generates an estimated $600 million annually and is on track to make more than double the amount over the next decade, reaching as much as $1.03 billion by 2033.
Minister of Art, Culture, Tourism, and the Creative Economy, Hannatu Musawa, stated this in a foreword to a report entitled ‘Basslines to Billions: Nigeria’s Music Market Intelligence Report.’
The report was developed through collaboration between the National Council for Arts and Culture (NCAC) and investment advisory firm, RegalStone Capital.
It examined Nigeria’s music ecosystem in detail, from revenue streams and employment potential to its position within the global value chain.
In her foreword, the minister wrote: “Nigeria’s music is more than an art form; it is an engine of enterprise and soft power.”
The country’s music industry is estimated to make an annual revenue of about $600.7 million currently, which is about N901.6 billion, with projected growth at an average annual rate of seven percent.
Musawa added that “At that pace, the industry would reach approximately $1.03 billion, or about N1.5 trillion by 2033.”
The report noted that the country’s music falls within Nigeria’s broader creative economy, which the government says could generate more than 2.5 million new jobs by 2030.
Nigeria’s music sector is regarded as one of Africa’s most dynamic creative industries, driven by global demand for Afrobeats and a young, digitally connected population.
Music revenue inflows come 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 monetisation and virtual platforms.
The report stated that live performances remain the dominant source of income for artists and account for between 65.7 per cent and 74 per cent of total earnings in 2024.
The data also noted that concerts, tours, and festivals still constitute the financial viability of many Nigerian musicians, while streaming and digital platforms continue to grow.
However, the report stated that persistent structural challenges still limit the sector’s full potential. These include gaps in financing, infrastructure, and policy coordination.
The minister emphasised that the report was more than a statistical exercise, but a “signal of intent” to ground cultural policy in evidence and to improve access to sustainable financing for creators.
Nigeria’s music ecosystem has recorded a string of high-profile achievements, with Nigerian artists making waves on the global stage.
