Nigeria’s music industry is estimated to generate about $600 million a year and is projected to more than double over the next decade, potentially reaching $1.03 billion by 2033.

The figures were disclosed by the Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, in the foreword to Basslines to Billions: Nigeria’s Music Market Intelligence Report.

Described as a first-of-its-kind study, the report aims to quantify one of Africa’s most globally recognised and influential creative sectors.

Developed through a collaboration between the National Council for Arts and Culture and investment advisory firm RegalStone Capital, the report provides an in-depth analysis of Nigeria’s music ecosystem, spanning revenue sources, job creation potential, and the industry’s role within the global value chain.

“Nigeria’s music is more than an art form,” Musawa wrote. “It is an engine of enterprise and soft power.”

The report puts current annual revenues at about $600.7 million, or roughly N901.6 billion, and forecasts average annual growth of around 7 per cent.

“At that pace, the industry would reach approximately $1.03 billion, or about N1.5 trillion by 2033.’’

The report places music within Nigeria’s wider creative economy, which government projections indicate could create more than 2.5 million jobs by 2030.

Digital exports spanning music, film, design and other creative services are expanding steadily, deepening Nigeria’s cultural influence and reinforcing its position as a leading creative hub in Africa.

Officials say the growing momentum supports President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises economic diversification beyond oil and gas.

Nigeria’s music sector has emerged as one of Africa’s most vibrant creative industries, driven by surging global demand for Afrobeats and a young, digitally connected population.