It also projects that the sector could more than double this figure, surpassing ₦1.5 trillion ($1 billion) by 2033.
Nigeria's music industry has surged to a value of ₦901 billion, according to new figures released by the National Council for Arts and Culture (NCAC), showing the growing economic power of Afrobeats and its global influence.
For years, names like Burna Boy, Tems, Davido, Wizkid, and Ayra Starr have dominated international stages. Now, the numbers finally reveal just how significant their success is for the country's creative economy.
According to the report titled "Basslines to Billions," released by the National Council for Arts and Culture (NCAC) in partnership with RegalStone Capital, estimates indicate that the Nigerian music industry earned ₦901 billion ($600 million) in 2024.
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It also projects that the sector could more than double this figure, surpassing ₦1.5 trillion ($1 billion) by 2033.
Unveiled under the leadership of the Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musa Musawa, and NCAC Director-General, Obi Asika, the document presents how Nigerian music is evolving from a cultural movement to an economic force.
For many fans, the global popularity of Afrobeats has been evident for some time, as evidenced by sold-out concerts, festival headlines, Grammy wins, and viral records. According to the reports, Live performances accounted for just under two-thirds of the total in 2024 (65.7%), with streaming royalties making up 30.1%.
Industry challenges
The report also maps the network of players behind the boom, from major streaming platforms like Spotify, Apple Music, YouTube, and Boomplay to Nigerian and international event companies such as The Plug and Duke Concept. Together, they form the backbone of a creative economy, becoming more structured and more globally recognised each year.
Yet the industry is not without its challenges. Weak copyright enforcement, poor publishing administration, and gaps in payment and touring infrastructure remain significant obstacles. Analysts say these hurdles must be addressed if the sector is to reach its trillion-naira potential.
The report's release comes just ahead of NECLive 2025, set for 28 November, where the findings are expected to dominate discussions.
This year's edition will focus on how better data can improve the way artists negotiate contracts, plan global tours, and build world-class festivals at home.
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