Nigeria’s music industry generates an estimated $600.7 million annually. It is projected to grow to $1.03 billion by 2033 at a 7 percent average annual rate.
Okay News reports that Hannatu Musawa, Nigeria’s Minister of Art, Culture, Tourism and the Creative Economy, revealed the figures. She contributed a foreword to the Basslines to Billions: Nigeria’s Music Market Intelligence Report.
The report, a collaboration between the National Council for Arts and Culture and investment firm RegalStone Capital, provides the first comprehensive data on the sector. It covers revenue streams, employment, and global positioning.
“Nigeria’s music is more than an art form,” Musawa wrote. “It is an engine of enterprise and soft power.”
Current revenues equate to about N901.6 billion in local currency. Projected 2033 value could reach N1.5 trillion.
The industry forms part of Nigeria’s broader creative economy. Government estimates suggest it could create over 2.5 million jobs by 2030.
Digital exports in music and related fields are rising. This strengthens Nigeria’s cultural influence across Africa and beyond.
Findings align with President Bola Ahmed Tinubu‘s Renewed Hope Agenda. The policy emphasises diversification from oil dependency.
Live performances dominate artist earnings at 65.7 to 74 percent in 2024. Streaming, brand partnerships, publishing, and social media channels contribute growing shares.
Afrobeats drives global demand. A young, digitally savvy population fuels domestic momentum.
Challenges persist in financing, infrastructure, and policy coordination. Musawa called the report a “signal of intent” for evidence-based cultural support.
It aims to improve sustainable funding access for creators. Data will inform policies enhancing competitiveness in music and linked sectors like film and fashion.
Nigerian artists achieved milestones recently. Singer Ayra Starr became the first Nigerian female to surpass one billion YouTube views.
Spotify royalties for Nigerian artists exceeded N58 billion in 2024. This more than doubled 2023 figures.
These insights underscore music’s role as a vital economic driver and soft power asset for Africa’s most populous nation.
