Who Is The Richest Musician In Nigeria?

Nigeria’s music industry is one of the world’s fastest growing creative sectors, according to PwC’s Global Entertainment and Media Outlook for 2020-2024. The music recording sector outperformed its predicted $806 million income in 2020, adding around 730 billion naira ($1.8 billion) to the country’s GDP.

The industry has won prestigious awards, with artists such as Wizkid and Burna Boy winning Grammys, attracting more and more investments from a variety of sources, including Spotify, the world’s leading music streaming service, which is expanding into the Nigerian market as part of a larger global expansion.

With Nigeria’s thriving music industry, some musicians have become very famous not only in Nigeria, but across the African continent and beyond. Musicians such as Wizkid, Davido, and Burna Boy have held some of the most successful international concerts in America and Europe, which means they make a lot more money than they do in Nigeria.

 How Nigerian Musicians make their money 

  • Live shows
  • Digital sells 
  • Selling CD’s
  • Music Royalties 
  • Music licensing
  • Endorsement Deals
  • Appearance Fees 
  • Social media Ads, Facebook & Instagram 
  • Youtube Channel

Summary of the Top 5 Richest Musicians in Nigeria

Wizkid 

Davido

Don Jazzy

Burna Boy

2Baba (2face Idibia)

Recommended: My African-related posts, such as The Richest Man In Africa and Top 5 Richest Musicians in Africa, are among the most popular on this site.

Below are the Top 5 richest Musicians in Nigeria With their net worth as of April 2022

1. Wizkid

  • Age 31
  • Net Worth: $21 million
  • Lebal:  Starboy Entertainment : (  multi-album deal with RCA Records)
  • Notable Awards: MTV Europe Music Award for Best African Act 2021, 2016, BET Award for Best International Act: Africa, 2017, 2012, NAACP Image Award for Outstanding Music Video 2021 , Grammy Award for Best Music Video 2021, 

Wizkid is a Nigerian singer and songwriter whose real name is Ayodeji Ibrahim Balogun. At the age of 11, he began recording music and released a collaboration CD with the Glorious Five, a group he and a handful of his church buddies created. Wizkid secured a record deal with  Empire Mates Entertainment in 2009. He rose to fame in 2011 with the release of “Holla at Your Boy,” the first song off his debut studio album, Superstar.

Wizkid left Empire Mates Entertainment in 2014 when his contract expired and  in 2016 after collaborating with Drake on the hit song “One Dance,” which peaked at number one on the US Billboard Hot 100. He secured a multi-album deal with RCA Records in March 2017 and released his third studio album, Sounds from the Other Side, later that year. Five singles were released in promotion of the album, including “Come Closer,” which featured Drake.

Wizkid earns  most of his money through record sales, live concerts, and endorsements.  

Wizkid has made money from endorsement deals with big brands like Pepsi, MTN, GLO, Guinness, Nike, Dolce & Gabbana, Ciroc, Tecno, Puma and  the most lucrative one being from United Bank for Africa (UBA) worth $3 million.

Wizkid’s Starboy Entertainment record label continues to build a reputation for itself in the Nigerian music business. Legendury Beatz, DJ Tunez, and Terri are all signed to the label. Maleek Berry, L.A.X, R2Bees, Mr Eazi, Efya, and Willybang are among the artists associated with and previously signed to the label.

2.  Davido

  • Age 29
  • Net Worth: $20 million
  • Lebal:  Davido Music Worldwide (DMW) : ( RCA Records)
  • Notable Awards: BET Awards Best International Act Africa 2014, Kora Awards Best Newcomer Award 2012, MTV Africa Music Awards Best Male Artist of the Year 2014, Channel O Music Video Awards Most Gifted Newcomer Video of the Year 2012.

David Adedeji Adeleke, better known as Davido, is an American-born Nigerian singer, songwriter, and record producer. He founded the record company Davido Music Worldwide (DMW), which signed Dremo, Mayorkun, Peruzzi, and Liya. 

Davido signed a record deal with Sony’s RCA Records in July 2016, and later that year released the 5-track EP Son of Mercy. However, in 2017, The Singer renegotiated his contract with Sony owing to creative control difficulties. His hit “Fall” holds the record for the longest-charting Nigerian pop song in Billboard history.

Davido was named one of New Africa magazine’s Top 100 Most Influential Africans in 2019 and as of April of 2022  Davido is the first most followed African on Instagram with over 23 million followers.   

In March 2022, Davido became the first Nigerian singer to appear on a FIFA World Cup single  “Hayya Hayya (Better Together),” the first single from the multi-song FIFA World Cup Qatar 2022 Official Soundtrack, with Trinidad Cardona and AISHA.

Davido signed a $30 million endorsement deal with MTN in 2012, according to Nigerian Entertainment Today. The arrangement made him the face of MTN Pulse. Davido had signed many more lucrative endorsement deals with even bigger brands, including Infinix Mobile, a Hong Kong-based smartphone manufacturer, and 1xBet, a major sports betting company, which announced him as an official brand ambassador in May 2021.

3. Don Jazzy

  • Age 39
  • Net Worth: $18.5 million
  • Lebal:  Founder and the CEO of Mavin Records
  • Notable Awards: The Beatz Award  : New Discovery Producer 2019, City People Entertainment Award:  special recognition award 2015, The Headies 2014 – Producer of the Year, The Headies 2011 – Producer of the Year, Nigerian Entertainment Awards : Music Producer of the Year 2007, Nigerian Music Awards: Producer of the Year 2006.

Don Jazzy, born Michael Collins Ajereh, is a Nigerian record producer, audio engineer, record executive, singer, and entrepreneur. He is the CEO and founder of Mavin Records.

Don Jazzy began playing the bass guitar and piano at the age of 12, showing an early interest in music. He also studied percussion instruments and traditional instruments. Don Jazzy attended Ambrose Alli University in Ekpoma, Edo State, where he studied business management.

Don Jazzy has produced some great albums throughout the years. In 2008, he was involved in the production of D’Banj’s The Entertainer. Wande Coal’s Mushin 2 MoHits, which was hailed “one of the best albums to ever come out of Nigeria,” was also produced by him.

Kanye West hired Don Jazzy as a producer at Very Good Beatz on a short-term deal in 2011. Later, Don Jazzy worked on the production of “Lift Off,” which featured Beyoncé and Kanye West, alongside Jay-Z 

4. Burna Boy

  • Age 3O
  • Net Worth: $17 million
  • Lebal: Singed –  Spaceship Entertainment. (Signed to Bad Habit/Atlantic Records )
  • Notable Awards: MTV Africa Music Awards – Best Collaboration 2015, All Africa Music Awards – Best African Collaboration 2015, MTV Europe Music Award – Best African Act 2018, Grammy Award – Best Global Music Album 2020, Global Music Awards Africa – Artiste of the Year 2021.

Burna Boy is a Nigerian artist and rapper whose real name is Damini Ebunoluwa Ogulu. He rose to fame in 2012 with the release of “Like to Party,” the first single off his debut studio album L.I.F.E. Burna Boy signed with Bad Habit/Atlantic Records in the United States and Warner Music Group internationally in 2017. In 2019, he was named an Apple Music Up Next artist and won Best International Act at the 2019 BET Awards.

In November 2019. Burna Boy became the first Afrobeat musician to sell out the SSE Arena in Wembley, London. To commemorate his achievement, he was presented with a special plaque.

Burna Boy′s ′′Hit song Destiny′′ was included on the playlist for Joe Biden′s inauguration.

In 2021 Burna Boy became the first African musician to have three nominations and victories in a row , having won the BET Award in 2019, 2020, and now 2021.

5. 2Baba (2face Idibia)

  • Age 46
  • Net Worth: $16 million
  • Lebal: Founder Hypertek Entertainment.
  • Notable Awards: MTV Europe Music Award, The  World Music Award, 5 Headies Awards, 4 Channel O Music Video Awards, 1 BET award, 4 MTV Africa Music Awards, 1 MOBO award, 1 KORA award and  3 Afrima Awards.

Innocent Ujah Idibia, better known by his stage name 2Baba, is a Nigerian musician, singer, songwriter and record producer . Prior to July 2014, he was known as 2face Idibia. 2Baba was the first African musician to win the MTV Europe Best African Act Award in 2005.

2Baba began his career as a member of a group called Plantashun Boiz. Before disbanding in 2004, they recorded two successful albums under Dove Records: Body and Soul (2000) and Sold Out (2003). Relationships were strained for several years, during which time the band disbanded and its members pursued solo careers.

2Baba has profited from endorsement partnerships with giant corporations and brands.

Here is a list of 2baba Endorsement Deals.

  • He was chosen an ambassador for Guinness beer in 2005.
  • In 2010, 2Baba signed an endorsement deal with Airtel Nigeria to become the company’s ambassador.
  • In 2014, 2face Idibia and Wizkid were picked as the faces of the Hennessy artistry season.
  • In August 2016, 2Baba became the first African ambassador for the Italian alcoholic liqueur Campari.
  • In July 2019, 2Baba was named the brand ambassador of Pazino Homes and Gardens, a real estate firm.
  • When his contract with Airtel expired in May 2019, he signed a new endorsement arrangement with Globacom telecommunications.
  • 2Baba was named as Oraimo’s first and official brand ambassador. In the year 2019,
  • 2Baba was named as the Nigerian Stock Exchange’s Good Cause Ambassador in August 2019.
  • Idibia was named the United Nations High Commission  (UNCHR) for Refugees’ new Regional Goodwill Ambassador on June 23, 2020.. He was the first Nigerian to be appointed to this position by UNHCR.

Finally, here’s a brief summary of  the top 10 richest musicians in Nigeria 2022.

  1. Wizkid: $21 million 
  2. Davido: $20 million
  3. Don Jazzy: 18.5 million
  4. Burna Boy: $17 million
  5. 2Baba : $16 million
  6. Olamide : $12 million
  7. Mr Eazi : $11 million
  8. Timaya : $10.5 million
  9. Rudeboy : $10 million 
  10. Flavour : $9.8 million

Wizkid reign as the richest musician in the Nigeria.

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