Nigerian musicians have experienced a shift in their fortunes on the global streaming platform Spotify with revenue surging by a 2,500% over the past seven years.

This meteoric rise shows the growing importance of digital platforms in propelling the country’s vibrant music industry onto the international stage.

According to Spotify’s annual report titled “Loud & Clear,” Nigerian artists collectively earned N25 billion from the platform in 2023 alone.

This figure represents a doubling of earnings compared to the previous year and a jaw-dropping increase of 2,500% since 2017.

The report further highlights the widening reach and impact of Nigerian music, revealing that more artists than ever before are now reaping rewards from their streaming activity.

In 2023, three times as many Nigerian artists earned over N10 million compared to 2018, reflecting the growing appetite for Nigerian music both at home and abroad.

Jocelyne Muhutu-Remy, Spotify’s managing director for Sub-Saharan Africa, hailed the growth in royalties earned by Nigerian artists on the platform as a testament to their talent, creativity, and global appeal.

She emphasized Spotify’s commitment to supporting African creators and pledged to continue investing in Nigerian artists to sustain this momentum.

Despite these gains, Nigerian artists’ earnings on Spotify still represent only a fraction of the platform’s total payout.

In 2023, Spotify paid out $9 billion in royalties globally with Nigerian artists accounting for a modest share of approximately $28.65 million.

A recent analysis revealed that South Africa remains the dominant force in Africa’s music streaming landscape, commanding a substantial portion of the region’s total music revenue.

However, Nigeria’s rapid ascent signals a shifting dynamic with the country’s music industry poised for even greater prominence on the global stage.

The International Federation of the Phonographic Industry (IFPI) corroborated this trend in its 2024 report, identifying the Sub-Saharan African market as the world’s fastest-growing music revenue market.

The report attributed this growth to the surge in paid streaming services, which contributed significantly to the region’s overall music revenue.

Amidst the ongoing economic turbulence in Nigeria, the depreciation of the Naira has inflicted a significant blow to businesses and importers.

The latest casualty is the surge in import duty costs which have skyrocketed by 23% due to the weakening of the national currency against the United States dollar.

The cost of clearing imports has surged to N1,412.573/$ as of May 8, an increase from the year-to-date low of N1,150.16/$ recorded on April 23.

This sudden spike in import duty costs reflects a 48% surge compared to the rate recorded in January.

The surge in import duty costs comes as a result of the fluctuation in the exchange rate between the Naira and the US dollar.

While the Naira experienced a brief rally in April, providing some relief to importers, the recent depreciation has erased those gains and compounded the financial strain on businesses.

Jonathan Nicole, former president of the Shippers Association of Lagos State, voiced concerns over the destabilizing effect of the fluctuating import duty rates on importers.

He criticized the lack of consistency in Nigeria’s economic policies and said there is a need for stability to attract investments and foster economic growth.

In response to the escalating import duty costs, stakeholders in the business community have called for urgent intervention to mitigate the adverse impact on businesses.

The surge in import duty costs poses a significant challenge to manufacturers and importers, particularly those who had already incurred expenses in anticipation of stable exchange rates.

As the cost of doing business continues to rise, there are growing concerns about the long-term viability of businesses and the potential impact on Nigeria’s economy.

With the economic landscape fraught with uncertainties, stakeholders are urging the government and regulatory authorities to implement measures aimed at stabilizing the currency and creating a conducive environment for businesses to thrive.

Failure to address these challenges could further exacerbate the economic woes facing Nigeria, jeopardizing its path to recovery and growth.

First Bank of Nigeria Limited has announced the appointment of Mr. Ebenezer Olufowose as its new Chairman.

This significant change follows the completion of the tenure of Mr. Tunde Hassan-Odukale, in accordance with the Central Bank of Nigeria’s Corporate Governance Guidelines, which mandates a maximum of twelve years for a Non-Executive Director.

Mr. Olufowose, a seasoned veteran in the financial services industry, brings over 36 years of experience to his new role.

He assumes the position of Chairman with a wealth of expertise garnered from his diverse background in Corporate Finance, Project Finance, and Investment Banking.

Prior to his appointment as Chairman, Mr. Olufowose served as a Non-Executive Director on the Board of First Bank of Nigeria Limited, a position he held since April 29, 2021.

He is also the Group Managing Director of First Ally Capital Limited, a reputable investment banking firm headquartered in Lagos.

His impressive career trajectory includes pivotal roles at Access Bank Plc and Citibank Nigeria, where he played instrumental roles in leading and executing corporate finance and investment banking transactions.

He spearheaded Citigroup’s origination, structuring, and execution of various high-profile deals in Nigeria.

Mr. Olufowose commenced his banking journey in 1985 at NAL Merchant Bank Plc (NAL), where he honed his skills in Corporate Planning and Finance.

Armed with a first-class honours degree in Economics from the University of Lagos and an MA in International Economics from the University of Sussex, England, Mr. Olufowose has continuously pursued excellence in his field.

Throughout his career, he has actively participated in numerous management and leadership training programs at esteemed institutions such as the Institute of Management Development in Switzerland, Harvard Business School in Boston, USA, and INSEAD in Singapore.

Also, he is an alumnus of the Harvard Business School and the Lagos Business School, further solidifying his reputation as a seasoned professional in the banking sector.

Mr. Olufowose’s commitment to professional development is evident in his affiliations with prestigious bodies such as the Chartered Institute of Bankers of Nigeria, where he holds an Honorary Senior Membership, and the Institute of Credit Administration and the Association of Investment Advisers and Portfolio Managers, where he is recognized as a Fellow.

As he assumes his new role as Chairman of First Bank of Nigeria Limited, Mr. Olufowose is poised to lead the institution with integrity, vision, and a steadfast commitment to excellence.

With his extensive experience and proven track record, he is well-positioned to guide the bank through its next phase of growth and reinforce its position as a leading financial institution in Nigeria.