Nigeria’s music industry generates an estimated $600 million annually and is projected to more than double in size over the next decade, reaching $1.03 billion by 2033, the Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, has said.
The figures were revealed in the foreword to Basslines to Billions: Nigeria’s Music Market Intelligence Report, the first-of-its-kind publication designed to provide hard data on the country’s music ecosystem.
Developed in collaboration between the National Council for Arts and Culture and investment advisory firm RegalStone Capital, the report examines revenue streams, employment potential, and Nigeria’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.” The report estimates current annual revenues at roughly $600.7 million (about N901.6 billion) and projects growth at an average annual rate of 7%, reaching approximately $1.03 billion (N1.5 trillion) by 2033.
The report situates music within Nigeria’s broader creative economy, which is projected to generate more than 2.5 million new jobs by 2030. Digital exports in music, film, design, and other creative sectors are rising steadily, reinforcing Nigeria’s cultural influence across the continent.
Revenue for Nigerian artists flows from multiple channels, including streaming royalties, live performances, festivals, brand partnerships, publishing, songwriting, and social media monetization. Live performances remain the dominant source of income, accounting for between 65.7% and 74% of total earnings in 2024.
Despite its growth, the sector faces structural challenges such as gaps in financing, infrastructure, and policy coordination. Musawa described the report as a “signal of intent” to ground cultural policy in evidence and improve access to sustainable financing for creators.
The report’s release coincides with a string of high-profile achievements by Nigerian artists globally. Notably, singer Ayra Starr surpassed one billion total views on YouTube, becoming the first Nigerian female artist to achieve the milestone, driven largely by her hit “Rush,” which has amassed more than 458 million views.
Earlier data from Nairametrics showed Nigerian artists earned over N58 billion in Spotify royalties in 2024, more than doubling the 2023 figures and marking a fivefold increase from 2022.
