Nigeria music revenue to hit 86m in 2021 lai mohammed

According to a report by the Nigerian government, the country's music industry is expected to generate a revenue of N86 million (approximately $230 million USD) in 2021.

This projection was made by Lai Mohammed, the Minister of Information and Culture, during a press briefing in Abuja, the capital city of Nigeria. Mohammed stated that the growth of the music industry is a result of the government's efforts to promote and support the creative sector.

The minister attributed the expected revenue growth to the increasing popularity of Nigerian music globally, as well as the country's growing music festivals and concerts. He also highlighted the role of digital platforms in promoting Nigerian music and increasing revenue.

The N86 million revenue projection is a significant increase from the N55 billion (approximately $150 million USD) generated by the music industry in 2020. The growth is expected to continue, driven by the increasing demand for Nigerian music and the country's growing creative industry.

It's worth noting that the music industry is one of the fastest-growing sectors in Nigeria, with many artists and producers gaining international recognition and success. The country's music industry has also been boosted by the rise of Afrobeats, a genre of music that originated in Nigeria and has gained popularity globally.

Overall, the expected revenue growth in Nigeria's music industry is a positive sign for the country's creative sector and a testament to the growing global popularity of Nigerian music.