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Music revenue for 2021 projected to hit $86 million

Music revenue for 2021 projected to hit $86 million

Nigeria’s Minister of Information and Culture, Alhaji Lai Mohammed, has revealed that projected revenue from the local music industry is projected to hit $86 million (about N3.096 billion) in the year 2021, making it the highest in Africa.

The News Agency of Nigeria (NAN) reports that Lai Mohammed revealed this on Thursday at the 11th edition of the Tourism Investment and Business Forum for Africa (Investour) organised by the United Nations World Tourism Organisation (UNWTO) and CASA Africa, staged in Madrid, Spain.

Speaking further at the forum, Lai Mohammed, who was among the panelists said that Nigeria’s music revenue grew from about 36 million dollar in 2014 (about N1.596 billion) to 53 million dollar (about N1.908 billion) in the year 2018.

According to the minister who noted that Nigeria has a very vibrant and popular music industry, a chunk of the aforementioned figure came from digital music consumption, an area of the market which significantly boosted the industry in Nigeria and paved the way for local artists.

“The activities of the arts and craft industry represent a special category of tourism (SMMEs).

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“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.

“It is also viewed 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,” he said.

Speaking further, Lai Mohammed noted with the impressive figures, the Creative Industry has been viewed as a sector that could help the government reach its goal of diversifying the nation’s economy away from oil.

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