Nigeria’s music industry now generates an estimated $600 million annually, highlighting its growing economic significance and global influence, according to Hannatu Musawa, Minister of Art, Culture, Tourism and the Creative Economy.
The disclosure was made in the foreword of Basslines to Billions: Nigeria’s Music Market Intelligence Report, which places the sector’s annual value at approximately $600.7 million (₦901.6 billion). The report underscores music as a key driver within Nigeria’s expanding creative economy.
Minister Musawa noted that the industry’s growth reflects years of innovation, digital expansion, and international recognition of Nigerian artists. She emphasized that music has become not only a cultural export but also a strong contributor to national revenue and job creation.
According to projections in the report, Nigeria’s music industry could exceed $1 billion by 2033, driven by steady growth estimated at about 7 percent annually. Live performances, streaming platforms, publishing, brand partnerships, and digital monetisation remain the sector’s major revenue sources.
Despite its success, the report points to ongoing challenges, including limited access to financing, infrastructure gaps, and the need for stronger policy frameworks. The Ministry reaffirmed its commitment to addressing these issues to ensure sustainable growth.
With Nigerian music continuing to dominate global charts and stages, stakeholders say the industry is well-positioned to become one of Africa’s most valuable creative sectors in the coming decade. Visit www.jocomms.com for more news.