Nigeria’s music industry is generating an estimated $600 million annually and could more than double in size over the next decade, reaching about $1.03 billion by 2033, according to a new market intelligence report that puts hard numbers behind one of the country’s most visible creative exports.
The projection was disclosed by the minister of art, culture, tourism and the creative economy in a foreword to Basslines to Billions: Nigeria’s Music Market Intelligence Report, a joint publication of the National Council for Arts and Culture and investment advisory firm RegalStone Capital. The report estimates current annual revenues at roughly $600.7 million, or about N901.6 billion, and projects average annual growth of 7 percent over the next nine years.
At that growth rate, industry revenues would rise to about $1.03 billion, or roughly N1.5 trillion, by 2033, reinforcing the sector’s growing importance within Nigeria’s non-oil economy. The report describes Nigerian music as both an artistic force and a commercial engine, noting that its global influence has translated into expanding revenue streams and employment opportunities at home.
The findings place music within Nigeria’s wider creative economy, which government projections suggest could generate more than 2.5 million new jobs by 2030. Digital exports spanning music, film, design and other creative services continue to rise, strengthening Nigeria’s cultural footprint and supporting efforts to diversify the economy beyond oil and gas in line with the current administration’s economic agenda.
Nigeria’s music sector has become one of Africa’s most dynamic creative industries, driven largely by global demand for Afrobeats and a young, digitally connected population. Revenue is generated through a mix of streaming royalties, live performances, festivals, brand partnerships, publishing, songwriting and newer channels such as social media monetisation and virtual platforms. Together, these income streams form a multichannel ecosystem already worth hundreds of millions of dollars.
The report finds that live performances remain the backbone of artists’ earnings, accounting for between 65.7 percent and 74 percent of total income in 2024. While streaming and other digital platforms are expanding rapidly, concerts, tours and festivals continue to underpin the financial viability of many Nigerian musicians and the thousands of small businesses that support them, from event production and logistics to fashion, catering and media services.
Despite the strong growth outlook, the report points to persistent structural challenges, including limited access to financing, gaps in infrastructure and weak policy coordination. The minister described the publication as a signal of intent to base cultural policy on evidence and to improve access to sustainable funding for creators and creative enterprises.
For small and medium-sized businesses, the documentation of the industry’s economic value is significant. A clearer picture of revenues and growth potential could help unlock financing for music-related MSMEs, including independent labels, promoters, studios, digital distributors and talent managers, many of which operate informally or struggle to scale due to limited data and investor confidence.
The timing of the report coincides with growing global recognition for Nigerian artists. One of the most notable recent milestones is the rise of Ayra Starr, who has surpassed one billion total views on YouTube, becoming the first Nigerian female artist to reach the mark. Her breakout hit “Rush” accounts for a large share of the milestone, highlighting the commercial power of global digital platforms.
The data was also separated underline the sector’s earning capacity. Nigerian artists earned more than N58 billion in royalties from Spotify in 2024, more than double the amount recorded in 2023 and five times higher than 2022, according to figures released in the platform’s 2024 Loud and Clear report. Taken together, the numbers suggest that Nigeria’s music industry is no longer just a cultural export, but a fast-growing business sector with increasing relevance for MSMEs, investors and economic policymakers.
