The Nigerian Minister of Information and Culture, Lai Mohammed has projected that the Nigerian music industry is set to generate $86 million (about N3.096 billion) in revenue in 2021.
This was revealed at the Tourism Investment and Business Forum For Africa (Investor) organised by the United Nations World Tourism Organisation (UNWTO) and CASA Africa in Spain, yesterday, January 24.
According to the News Agency of Nigeria (NAN), the forum is on the sidelines of the ongoing 2020 International Tourism Trade Fair which is held annually in Madrid.
At one of the forum panels, Mohammed revealed that the industry’s revenue grew from $36 million in 2014 to $53 million in 2018. This however still falls significantly short of the fashion and design industry which recorded N4 trillion in earnings in the same year.
He further revealed that digital music consumption contributed the largest portion of the revenue. This aspect of the growing market has significantly boosted the industry and provided unprecedented access for local artists.
“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.
He concluded that given the impressive numbers the creative industry is being identified as a sector that could aid the diversification goal of the Federal Government