Nigeria’s music industry generated ₦901 billion in revenue in 2024, according to a new market intelligence report released by the National Council for Arts and Culture in partnership with RegalStone Capital. The publication offers the most detailed financial and structural mapping of the sector so far and projects that the industry could reach ₦1.5 trillion by 2033.
The report, titled Basslines to Billions, was unveiled by the Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musa Musawa, and the Director General of the NCAC, Obi Asika. It combines financial modelling, platform analytics and interviews with industry executives to assess the true size of Nigeria’s music economy.
According to the findings, live performances and touring remain the backbone of artist income, accounting for more than sixty five percent of total earnings. Streaming and social media monetisation contribute thirty percent, while brand partnerships, publishing and sync deals make up only three percent. Analysts described the latter category as a missed opportunity for revenue growth.
The report draws data from labels, promoters and executives across platforms such as Spotify, YouTube, Boomplay and MTN, as well as music companies including The Plug, Duke Concept and Megaletrics. It establishes a baseline for measuring performance across the value chain, including touring, licensing and digital monetisation.
Despite the strong revenue figures, the publication identifies several weak points that could stall future growth. These include poor copyright enforcement, inefficient publishing systems and ongoing challenges within collection societies. It calls for strategic investment in touring venues, broadband expansion and payment infrastructure to support a more competitive creative economy.
The findings will form part of industry-wide discussions at NECLive 2025 on 28 November, where artists and executives are expected to review the data and explore opportunities for policy reform and private sector funding.
