Nigerian music revenue ‘to hit $86m in 2021′

The projected revenue would make Nigeria the biggest music market in Africa. The minister gave the projection in Madrid, Spain, last week at the 11th edition of the Tourism Investment and Business Forum for Africa (INVESTOUR).

The forum ‒ organised by the United Nations World Tourism Organisation (UNWTO), the International Tourism Trade Fair (FITUR) and CASA Africa ‒ aims to promote sustainable development in Africa while encouraging dialogue about investment and business opportunities on the continent.

The forum, according to News Agency of Nigeria, is one of the side programmes of FITUR, which takes place annually in the Spanish capital.

Mohammed, who was among the panellists, said Nigeria’s music revenue grew from about $36m to $53m in 2018. A big chunk of the figure was from digital music consumption, an area of the market that “significantly boosted the industry in Nigeria and paved the way for local artists."

“Nigeria has a vibrant and popular music industry which not only reflects her cultural richness but has over the years translated into international recognition and acceptance,” he said.

Mohammed said fashion and design earnings were at a little over 4 trillion Naira of Nigeria’s rebased GDP in 2018.

He said tourism was a multifaceted sector consisting of both informal and formal enterprises, with numerous subcategories that included the arts and crafts.

“The activities of the arts and craft industry represent a special category of tourism. Although the art and craft sector largely consists of an unskilled workforce and individuals from remote and poor rural areas, it contributes to addressing some of the challenges that local communities face.”

Mohammed said Nigeria saw tourism as “a cultural activity which represents the essence of the people’s way of life and serves as an integral part of the travel and tourism industry.”

With these figures, Nigeria’s creative industry has been viewed as a sector that could help the government reach its goal of diversifying the country's economy away from oil.