Nigeria’s music industry generates an estimated $600 million in annual revenue and is expected to more than double in size over the next decade, potentially reaching as much as $1.03 billion by 2033.
According to Nairametrics, the figures were disclosed by Nigeria’s minister of art, culture, tourism and the creative economy, Hannatu Musawa, in the foreword to Basslines to Billions: Nigeria’s Music Market Intelligence Report.
The publication is described as the first of its kind to provide detailed data on 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 an in-depth analysis of Nigeria’s music ecosystem, covering revenue streams, employment potential and the country’s position in the global music value chain.
“Nigeria’s music is more than an art form,” Musawa wrote. “It is an engine of enterprise and soft power.”
According to the report, the industry currently generates about $600.7 million, equivalent to roughly N901.6 billion, and is projected to grow 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,” she said.
The report places music within the wider creative economy, which government projections suggest could create more than 2.5 million new jobs by 2030.
It notes that digital exports across music, film, design and other creative services are steadily increasing, strengthening Nigeria’s cultural influence and reinforcing its role as a leading creative force on the continent.
Officials say this growth aligns with President Bola Ahmed Tinubu’s “Renewed Hope Agenda,” which focuses on diversifying the economy beyond oil and gas.
Don’t Miss This:
Why The Country Man Live Could Be One of Lagos’ Most Distinctive December Music Experiences
Nigeria’s music sector has emerged as one of Africa’s most dynamic creative industries, driven by global demand for Afrobeats and a young, digitally connected population.
Revenue is generated from multiple sources, including streaming royalties, live performances and festivals, brand partnerships, publishing and songwriting, as well as newer income channels such as social media monetisation and virtual platforms.
Together, these streams form a multichannel ecosystem already worth hundreds of millions of dollars and positioned for rapid growth.
The report finds that live performances remain the largest source of income for artists, accounting for between 65.7% and 74% of total earnings in 2024.
Although streaming and digital platforms continue to expand, concerts, tours and festivals still provide the financial foundation for many Nigerian musicians.
Despite the positive outlook, the report also points to ongoing structural challenges that restrict the sector’s full potential, including gaps in financing, infrastructure and policy coordination.
Musawa described the report as more than a collection of statistics, calling it a “signal of intent” to base cultural policy on evidence and to improve access to sustainable financing for creators.
Don’t Miss This:
France Pledges Up To €100 Million To Boost Nigeria’s Creative Economy And Job Growth
Image Credit: fashionseriesng
