Nigeria’s music industry is generating an estimated $600 million in annual revenue 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 in Basslines to Billions: Nigeria’s Music Market Intelligence Report, a first-of-its-kind publication designed to provide data-driven insight into one of Africa’s most globally influential creative sectors. The report was developed through a collaboration between the National Council for Arts and Culture and investment advisory firm RegalStone Capital.
In a foreword to the report, the Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, described music as a strategic economic asset, noting that it has evolved beyond cultural expression into a driver of enterprise and global influence.
The report estimates current annual revenues at approximately $600.7 million, equivalent to about N901.6 billion, and projects average annual growth of 7 per cent. At this rate, the industry is expected to reach roughly $1.03 billion, or N1.5 trillion, by 2033.
Beyond revenue figures, the report provides a comprehensive overview of Nigeria’s music ecosystem, examining income streams, employment potential and the country’s position within the global creative value chain. It situates music as a key pillar of Nigeria’s wider creative economy, which government projections suggest could generate more than 2.5 million new jobs by 2030.
The findings also highlight the expanding role of digital exports across music, film, design and other creative services, reinforcing Nigeria’s cultural footprint and strengthening its status as a continental creative hub. Officials say this growth trajectory aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises economic diversification away from 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 supported by a young, digitally connected population. Revenue is generated through multiple channels, including streaming royalties, live performances and festivals, brand endorsements, publishing and songwriting, as well as newer income streams such as social media monetisation and virtual platforms.
Despite the rapid growth of streaming and digital distribution, live performances remain the dominant source of income for Nigerian artists. The report estimates that concerts, tours and festivals accounted for between 65.7 per cent and 74 per cent of total artist earnings in 2024, underscoring the continued importance of physical events to the industry’s financial sustainability.
However, the report also identifies persistent structural challenges that constrain the sector’s full potential, including limited access to financing, infrastructure gaps and weak policy coordination. Musawa said the publication represents a “signal of intent” to ground cultural policy in credible data and to improve access to sustainable funding for creators.
By quantifying the industry’s economic contribution, policymakers argue that Nigeria is better positioned to design targeted interventions that enhance global competitiveness, not only in music but across related creative industries such as film, fashion, sports and food.
The release of the report comes amid a wave of international recognition for Nigerian artists. Among recent milestones is the achievement of singer Sarah Oyinkansola Aderibigbe, popularly known as Ayra Starr, who has surpassed one billion total views on YouTube, becoming the first Nigerian female artist to reach the mark. The 22-year-old, signed to Mavin Records, recorded much of the success through her breakout hit Rush, which alone has amassed over 458 million views.
Further evidence of the industry’s rising global earnings power emerged from Spotify’s 2024 Loud & Clear report, which showed that Nigerian artists earned more than N58 billion in royalties in 2024—more than double the amount recorded in 2023 and five times the figure from 2022.
Together, the data point to a rapidly expanding industry with significant economic promise, provided longstanding structural constraints are addressed and policy support keeps pace with its global momentum.