In an IFPI report that spotlighted nations excelling in exporting music beyond their borders, the US led the charge in 2023, exporting 113 songs to global top 10 charts; 28 of which came from Miley Cyrus alone, 10 from SZA and 7 from Taylor Swift. Following closely were Colombia (48 songs), Puerto Rico (45), the UK (29), South Korea (16), and Nigeria (15).

This export prowess reflects the global popularity of genres like Latin music, K-pop, and Afrobeats. Such milestones offer clear signals to major labels and investors about where to direct their attention. While foreign investments have rained in the Nigerian music industry in recent years, feats like these make room for more capital injection into the market to fuel the next phase of growth and export opportunities.

You’ll agree that this is more than just a cultural achievement; it signals a potential economic opportunity that could extend beyond music, generate foreign exchange, and further etch Nigeria as a powerhouse in the global creative economy discourse. For instance, in the European Union, the economic impact of recorded music is clear.

According to a 2020 Oxford Economics report, every euro directly invested or generated by record companies contributed an additional €1.80 to GDP across other parts of the music sector’s value chain. If we apply a similar multiplier effect to Nigeria (all things being equal), such increased export of Nigerian music could bring about economic benefits and possibly impact sectors like tourism, media, fashion, etc.

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