Nigeria’s Music Industry Valued at $600m Annually, Set for Rapid Growth, Assures Minister

Nigeria’s music industry is now generating an estimated $600 million in annual revenue, and is projected to more than double in size over the next decade, the Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, has said.

The revelation comes from a foreword Musawa wrote for Basslines to Billions: Nigeria’s Music Market Intelligence Report, the first comprehensive study of the country’s music sector. The report was jointly published by the National Council for Arts and Culture and investment advisory firm RegalStone Capital.

According to the report, the industry’s current annual earnings are estimated at about $600.7 million — roughly ₦901.6 billion.

With an average projected growth rate of 7 percent per year, that figure could increase to approximately $1.03 billion by 2033 (about ₦1.5 trillion) if current trends continue.

Musawa described Nigerian music as “more than an art form — it is an engine of enterprise and soft power,” highlighting its cultural and economic impact both domestically and internationally.

Diverse Revenue Streams Driving Growth
The report details that revenue in the sector comes from a mix of streaming royalties, live performances and concerts, festivals, brand partnerships, publishing and songwriting, and newer digital monetization channels such as social media and virtual platforms.

Live performances remain the dominant source of earnings for artists, accounting for between about 65.7 percent and 74 percent of total industry revenue in 2024.

This underscores the continued importance of concerts, tours and festivals in Nigeria’s music economy.

Economic Impact and Job Creation Potential
The music sector is situated within Nigeria’s broader creative economy, which government projections suggest could help create more than 2.5 million new jobs by 2030 across music, film, design and related cultural industries.

Experts and stakeholders see the availability of robust data from the Basslines to Billions report as a key step toward unlocking further investment and development, particularly for smaller creative enterprises and independent artists.

Challenges Ahead
Despite its rapid growth, the music industry still faces structural challenges, including limited access to financing, infrastructure constraints, and policy coordination gaps that could slow progress unless addressed. Musawa said the report should serve as a foundation for evidence-based policy and improved support systems for creators.

Global Reach and Recognition
The report’s timing coincides with a string of recent milestones by Nigerian artists on the world stage. For example, Nigerian singer Ayra Starr recently surpassed one billion total views on YouTube, becoming the first Nigerian female artist to hit the milestone — largely thanks to her hit track Rush.

Streaming payouts have also climbed significantly. Nigerian artists earned more than ₦58 billion from Spotify royalties in 2024, more than doubling the earnings from the previous year — further evidence of the country’s expanding global footprint in music.