Assessing the Financial and Global Contributions of Nigeria’s Music Industry

Abstract

Like anyother in the world, the Nigerian music industry attracts enormous economic capabilitiesand draws enormous global recognition. This is evidenced by the increasing record sales andperformance of players in the industry, both contemporary and gospel which i s recording highperformance and breaking financial limitations, adding value to Nigeria’s struggling economy.This paper examines the music business and the current trends in Nigeria. To effectively addressthese identified trends, it discusses these sub topics; description of the Music industry;Contributing facets of the music industry in Nigeria; collaborations between Nigerian artists andinternational artists; assisting the music industry with their frame and scales; notable Nigerianartists that have propelled the growth of music industry; the diversity and genres of the Nigerianmusic industry; and the challenges facing the music industry. It was discovered that the musicindustry in Nigeria urgently needs a thorough engagement to drive and contribut e to thedevelopment of the nation’s economy, which is in dire need of resources to drive its developmentagenda. It recommends, among others, that to boost the music industry in the country, thegovernment should formulate and enforce official policies ab out copyrights to deter the activitiesof pirates, which limits the enormous resources which should accrue to the artist and the country.