Photo: Hannatu Musawa
Nigeria’s music industry is generating an estimated $600 million annually and is projected to more than double in value over the next decade, reaching about $1.03 billion by 2033, according to a new industry intelligence report.
The projection was disclosed by the 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 comprehensive effort to place verifiable economic data behind 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 provides an in-depth analysis of Nigeria’s music ecosystem, examining revenue streams, employment potential, and the industry’s role within the global value chain.
“Nigeria’s music is more than an art form; it is an engine of enterprise and soft power,” Musawa said. The report estimates the industry’s current annual revenues at approximately $600.7 million, or about ₦901.6 billion, and projects an average annual growth rate of seven per cent. At that pace, the sector is expected to reach roughly $1.03 billion, equivalent to about ₦1.5 trillion, by 2033.
The report places music within the wider context of Nigeria’s creative economy, which government projections suggest could create more than 2.5 million new jobs by 2030. It notes that digital exports spanning music, film, design, and other creative services are expanding steadily, reinforcing Nigeria’s cultural influence and its position as a leading creative hub on the continent. Officials say this growth trajectory aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises economic diversification beyond oil and gas.
Nigeria’s music sector has emerged as one of Africa’s most dynamic creative industries, driven by global demand for Afrobeats and a youthful, digitally connected population. Revenue is generated from multiple channels, including streaming royalties, live performances and festivals, brand partnerships, publishing and songwriting, as well as newer income streams such as social media monetisation and virtual platforms. Together, these sources form a multichannel ecosystem already valued in the hundreds of millions of dollars and poised for rapid expansion.
Live performances continue to dominate artists’ earnings, accounting for between 65.7 per cent and 74 per cent of total income in 2024, according to the report. While digital and streaming revenues are growing, concerts, tours, and festivals remain the financial backbone for many Nigerian musicians.
Despite the positive outlook, the report identifies persistent structural challenges, including limited access to financing, infrastructure deficits, and gaps in policy coordination, which constrain the industry’s full potential. Musawa described the publication as more than a statistical exercise, calling it a signal of intent to ground cultural policy in evidence and to improve access to sustainable financing for creators.
By documenting the industry’s economic value, officials say Nigeria is better positioned to design policies that enhance global competitiveness not only in music but also across related creative sectors such as fashion, film, sports, and food.
The release of the report comes amid a wave of international recognition for Nigerian artists. Among the most notable milestones is the rise of singer Sarah Oyinkansola Aderibigbe, professionally known as Ayra Starr, who recently surpassed one billion total views on YouTube, becoming the first Nigerian female artist to achieve the feat. The 22-year-old, signed to Mavin Records, reached the milestone largely on the strength of her breakout hit “Rush,” which has amassed more than 458 million views.
