Nigeria’s music industry currently generates an estimated $600.7 million (₦901.6 billion) annually, according to Hannatu Musawa, Minister of Art, Culture, Tourism, and the Creative Economy. The “Basslines to Billions” report highlights the sector’s rapid expansion, with projections suggesting the market could reach $1.03 billion by 2033. This growth is fueled by a consistent 7% average annual increase.
The sector serves as a vital pillar for employment and national influence. Current projections indicate the broader creative economy could provide 2.5 million new jobs by 2030. Musawa emphasized the industry’s multifaceted value, stating, “Nigeria’s music is more than an art form. It is an engine of enterprise and soft power.” This momentum reinforces Nigeria’s status as a global cultural leader.
Despite this success, structural hurdles like financing and infrastructure gaps remain. Currently, live performances dominate earnings, accounting for up to 74% of artist income in 2024. Musawa noted that the industry’s trajectory would be transformative, remarking, “At that pace, the industry would reach approximately $1.03 billion, or about ₦1.5 trillion by 2033.” This data signals a formal intent to strengthen cultural policy.