Nigeria’s Music Heavyweights Take Centre Stage As New Report Values Industry at ₦901bn

Nigeria’s biggest music stars are more than just hitmakers; they’re powering a multi-billion-naira industry that’s now being recognised on the global stage.

A new report, “Basslines to Billions: Nigeria’s Music Market Intelligence Report,” released by the National Council for Arts and Culture (NCAC) in collaboration with RegalStone Capital, reveals that Nigeria’s booming music industry generated ₦901 billion ($600 million)in revenue in 2024 and could surpass ₦1.5 trillion ($1 billion) by 2033.

The report, launched under the leadership of Hon. Hannatu Musa Musawa, Minister of Art, Culture, Tourism and the Creative Economy, and Obi Asika, Director-General of the NCAC, finally puts numbers behind what fans have always known: Nigerian music is big business.

From Burna Boy’s sold-out tours to Tems’ Grammy win to Davido’s international collaborations, and Ayra Starr’s streaming dominance, Nigerian artists are turning fame into serious financial muscle.

The new data confirms that live performances and touring now make up about 65% of total artist income, while streaming, social media monetisation, and brand partnerships continue to rise as major sources of revenue.

Behind the glitz of red carpets and world tours lies an increasingly structured creative economy.

The report provides the first data-backed look into the value chains driving the Afrobeats phenomenon, from streaming platforms like Spotify, YouTube, and Boomplay to live event powerhouses like The Plug and Duke Concept.

But even as the numbers shine, the report highlights key challenges: weak copyright enforcement, inefficient publishing systems, and the need for stronger infrastructure for touring and payments.

The timing couldn’t be better. With NECLive 2025 set to take place on Friday, 28th November, the report’s findings are expected to dominate conversations among artists, managers, and industry executives.

This year’s conference will focus on turning data into action, exploring how better insights can shape deals, global tours, and homegrown festivals.

As the data shows, Nigeria’s biggest stars are not just entertaining the world, they’re leading an industry that could soon rival oil and tech in cultural and economic impact.