Nigeria’s music industry generates about $600 million annually and could more than double to $1.03 billion by 2033, according to Hannatu Musawa, Minister of Art, Culture, Tourism and the Creative Economy.
Musawa disclosed this in the foreword to Basslines to Billions: Nigeria’s Music Market Intelligence Report, a landmark study that provides data-driven insight into one of Africa’s most influential creative sectors.
Developed by the National Council for Arts and Culture in collaboration with RegalStone Capital, the report estimates current annual revenues at $600.7 million (about ₦901.6 billion), with projected average growth of 7 per cent per year.
“Nigeria’s music is more than an art form. It is an engine of enterprise and soft power,” Musawa said, describing the report as a tool to anchor cultural policy in evidence and unlock sustainable financing for creators.
The report places music within Nigeria’s expanding creative economy, which government projections say could create over 2.5 million jobs by 2030. Officials say this aligns with President Bola Tinubu’s Renewed Hope Agenda, which prioritises economic diversification beyond oil and gas.
Live performances remain the industry’s biggest revenue driver, accounting for 65.7 per cent to 74 per cent of artists’ earnings in 2024, while income from streaming, publishing, brand partnerships and digital platforms continues to grow.
Despite its momentum, the sector still faces challenges including limited financing, infrastructure gaps and weak policy coordination. Musawa said addressing these constraints is key to unlocking the industry’s full potential.
The report comes amid a strong global performance by Nigerian artists. Afrobeats star Ayra Starr recently surpassed one billion YouTube views, while Nigerian musicians earned over ₦58 billion in Spotify royalties in 2024, more than double the previous year, according to industry data.
