RegalStone managing partner Fiyin Ogunlesi led the discussion, joined by Director-General of the National Council for Arts and Culture (NCAC), Obi Asika, and The Plug co-founder Bizzle Osikoya. The conversation centred on unlocking new revenue streams, strengthening industry systems and capitalising on the global rise of Afrobeats.
Asika said he envisions even greater potential beyond the 2033 target, projecting that by 2035, genres like Afrobeats, àlté and highlife could collectively drive annual earnings of $2–$2.5 billion. He emphasized that Nigerian music fuels other major cultural sectors — fashion, dance and Nollywood — and plays an increasingly influential role in global advertising. But he stressed that hitting these numbers will require stronger structures and better monetized value chains.
One of the core stumbling blocks, according to Osikoya, is the limited financial organization within the artist community. He noted that many creatives lack basic record-keeping and contractual documentation, making revenue tracking difficult and discouraging investor confidence. Building a billion-dollar industry, he argued, demands artist education on intellectual property, business formalization, tax compliance and royalty systems.
Stakeholders also highlighted a critical opportunity on the home front. Despite Nigeria’s global cultural footprint, its domestic music market remains largely untapped. As Asika put it, “The biggest place we haven’t monetized is Nigeria.” Expanding touring infrastructure, creating more performance venues, and scaling the merchandise ecosystem were flagged as key steps to deepen local earnings.
Overall, the session reflected broad agreement that with better industry governance, stronger domestic engagement and strategic use of Nigeria’s cultural soft power, the music sector is well positioned not just to meet its $1 billion ambition — but to surpass it.