As the heartland of Afrobeats, Nigeria is currently one of the most exciting music markets in the world in terms of creativity and exports.
It faces challenges too though: particularly building the industry structures to support rapid growth, and ensure that Nigerian music’s economic value keeps pace with its cultural clout around the world.
This is all laid out in more detail in a new ‘Basslines to Billions‘ report published by investment firm Regalstone Capital in partnership with Nigeria’s National Council for Arts and Culture.
It offers data on the size of the market now, as well as the work required to make the country’s music industry fit for purpose in the years ahead.
Numbers? The report estimates that the Nigerian industry was worth NGN 901.7bn in 2024 ($600.7m at current exchange rates) with potential to grow to NGN 1.5tn ($1.03bn) by 2033.
Live performances accounted for just under two thirds of the total in 2024 (65.7%) with streaming royalties making up 30.1%.
Publishing is a tiny share of the Nigerian pie – just over 0.7% – with the report citing problems including underdeveloped collecting-society structures. “Rights collection systems lack efficiency, transparency, or trust,” is its no-nonsense verdict.
Weak copyright enforcement, fragmented rights management and limited sync opportunities are also cited. But it also describes publishing and licensing income as a “sleeping giant” for Nigerian musicians, with “the potential to shift from underexploited to foundational” in the coming years.
Other challenges cited by the report include low payouts from local streaming and social/video services; piracy; and an uneven infrastructure and access to digital services across Nigeria.
On the bright side: “Streaming adoption is expanding rapidly,
buoyed by a young, digital-native population. Global platforms are increasing investment in local operations, while international sync placements and brand deals are boosting global exposure and revenues,” notes the report.
“Genres beyond Afrobeats – such as gospel, Fuji, rap, and indigenous sounds – are also scaling, presenting opportunities for revenue diversification across Nigeria’s regions.”
“With improved royalty collection, fairer platform payouts, stronger infrastructure, and deeper global collaborations, Nigeria’s music industry is well positioned to consolidate its place as a leading cultural and economic force in Africa and beyond.”
