The music industry in Nigeria has been experiencing a massive stream of streaming and is among the country’s fastest-growing industries. With famous singers making such a profit that it’s an industry that is currently multi-trillion in size and is ranked as one of the most lucrative professions in Nigeria. This article lists the highest-paid musicians in Nigeria in 2023.

The industry’s success can be attributed in large part in part to Wizkid, Don Jazzy, Tuface Idibia, Davido, and many others who have demonstrated amazing longevity and are now able to offer some of the most music charts in Nigeria.

While musicians from these regions remain in a difficult position to match the wealthiest musicians, or with other industries, such as the world’s most wealthy footballers and other sports players, Afrobeats has made a mark. Afrobeats genre, praised by Nigerian musicians and has had a positive influence on the impression of African music around the globe.

On the basis of endorsements and assets and net worth by music, these are the most successful musicians from Nigeria 2023:

Richest Nigerian musicians 2023

Rank

Artist

Net worth

1.

Don Jazzy

$52 million

2.

PSquare

$37.26 million

3.

Davido

$27.6 million

4.

Wizkid

$26 million

5.

Burna Boy

$16 million

6.

2Baba

$10.2 million

7.

Olamide

$10 million

Full details about the Top 7 Richest Musicians In Nigeria are listed below:

Here are the Top 7 Richest Musicians In Nigeria

1. Don Jazzy

Don Jazzy has carved a path in the world of music in the past three decades, earning his total net worth of $52 million as well as the his status as the most successful artist of Nigeria 2023.

Tiwa Savage Wande Coal, Reekado Banks and Iyana have earned a name through Mavin Records. In the meantime, Korede Bello, Dr. SID, D’Prince, Di’Ja Johnny Drille, Ladipoe, DNA Twins, Rema, Crayon, Ayra Starr, Magixx Boy Spynx and Bayanni are the newest leading figures on the label.

Although many have doubted Don Jazzy’s standing as the country’s most successful musician, he has embraced the title with ease, as he has achieved his way throughout his position in the Nigerian music industry over three distinct eras including the CD era that of the downloading period, as well as the streaming era.

Don Jazzy produced the entirety of Wande Coal’s Mushin 2 Mo”Hits,”one of the top-selling debut albums ever. He also co-wrote and produced his song, D’banj’s Oliver Twist, which was the first commercially successful cross-border success to be recorded in Nigerian history.

Mo-Hits Records, which he co-founded together with Oladapo Daniel Oyebanjo who was also known as Dbanj has significantly contributed to the development of Don Jazzy’s wealth.

But Don Jazzy and Dbanj eventually broke up, which led to the establishment in 2012 of Mavin Records, Nigeria’s leading record label.

In the age of streaming the song Rema’s Calm Down which is the most streamed Nigerian track through YouTube and Spotify it was also made available under the Don Jazzy’s Mavin brand.

As the most affluent artist of all time in Nigeria, Don Jazzy has an avid interest in high-end cars and mansions. His collection of cars include an 2016, Cadillac Escalade, a Bentley Continental Flying Spur and an Range Rover Sport, and an Porsche 911 Carrera.

2. P-Square

The duo’s success was steady until 2016, when they abruptly broke up. Together together with Burna Boy, P-Sqaure are one of the most profitable touring acts in the United States.

The two have a value of 37.26 million dollars and a sum that far exceeds the billion-dollar mark in the present dollar-naira blackmarket exchange rate. Peter Paul Okoye and Paul Okoye of Psquare are the second richest musicians within Nigeria by 2023. P-Square enjoyed a successful career when they were at their peak, and could charge as much as fifteen million NGN per show, which is an impressive amount when accounting for inflation.

One of the wealthiest music stars to be found in Nigeria at the time of 2023 Paul Okoye of P-Square is a lavishly decorated 1.5 billion NGN condo located in Banana Island, Lagos. The singer also owns an expensive collection of cars which include a Range Rover and an G Wagon and an Dodge Challenger, and a Porsche 718 Cayman.

Rudeboy Psquare Psquare has an exquisite residence located in Parkview Estate, Ikoyi, Lagos, Nigeria, and also has the Bentley Bentayga, a Mercedes-Benz GLE43 AMG 4MATIC coupe, an Lamborghini Aventador Roadster, and an Lamborghini Huracan, among others.

3. Davido

Davido who held an African title for most-seller musician, boasts a lengthy list of achievements which culminated in his appearance during the World Cup closing ceremony in Qatar in 2022. It confirmed his place among Nigeria’s most successful artists.

Davido has been awarded numerous awards which include BET as well as MTV awards. He has also been awarded sponsorships by MTN, PUMA, and Guinness Nigeria as brand ambassadors after gaining international recognition. The number of endorsement deals he has signed is the most convincing proof of his position among the wealthiest artists in Nigeria in 2023.

Average twenty millions YouTube viewers per minute Davido is father of one of Nigeria’s wealthiest politicians Chief Adeleke is the third-richest musician in Nigeria in 2023.

Davido his total worth of 27.6 million dollars He has a contract with Sony Records, a record company which currently houses SZA, Pink, Future and Meghan Trainor among others.

At the age of 2021 Davido took on the role of brand ambassadors for Martell Cognac in a EUR12 million deal, and PlayStation employed Davido in a similar role in 2022.

Davido is one of the wealthiest performers in Nigeria by having two lavish houses that include A 140 million NGN property on Banana Island and a 20 million USD house in Atlanta.

The Rolls-Royce Cullinan 2019, a Bentley Bentayga, a Bentley Continental GT and an Range Rover SV Autobiography, and an Toyota Land Cruiser are among Davido’s cars collection.

As one of the wealthiest artists from Nigeria, Davido reportedly demands at least 10 million NGN for every performance.

4. Wizkid

Since the debut of his first track, “Holla at Your Boy,” in 2010, Wizkid has broken numerous national and international records for music. An examination of his growth over the years shows that his rise to the top of this top list of most successful artists in Nigeria was not a surprise.

A net worth estimated at $26 million, Wizkid is the only Nigerian who sold out London’s 02 Arena at London on three separate nights is fourth most wealthy artist in Nigeria in 2023.

Wizkid has two homes One is located in Surulere, Nigeria, worth about 13 million NGN and the second located in Los Angeles, California.

An BMW X6 crossover, a Porsche Panamera, a Lamborghini Urus and the Mercedes-Benz G63 AMG are among the Wizkid’s collection of cars.

“Essence,” from Wizkid’s highly acclaimed album for 2020 “Made in Lagos” was the very first Nigerian song in the history of music to be ranked at the top of both Billboard Hot 100 and Billboard Global 200.

The song was nominated as “Best Global Performance in Music” in the 64th Annual Grammy Awards and selected as the top track of 2021 by US journal Rolling Stone.

Alongside being among the wealthiest artists to be found in Nigeria by 2023. Wizkid also happens to be one of nation’s top streamers according to Apple Music, which dubbed Wizkid ” a representative for not just the music of Lagos but also Afrobeats all over.”

5. Burna Boy

Since his breakthrough in 2012 the Grammy-winning artist as well as rapper, composer and lyricist has been among of the pioneers of the genre worldwide.

“Last Last” was one of American rapper Jay Z’s top songs of 2022. It was among the top 10 songs that were searched for on Google that year. It was also being one of the only two non-Asian tracks that paired with Harry Styles’ “As It Was”.

Burna Boy, the first Nigerian to receive consecutive Grammy nominations, and one of the highest streamed Nigerian artist Rema, is worth 16 million dollars, which makes him the fifth-richest artist in Nigeria in 2023.

The majority of the recognition of Burna Boy as one of the top performers in Nigeria is due to the exposure he has received through streaming the music of his “It’s Plenty” being named among the most streamed songs of 2022.

Burna Boy made history in 2021 when he took home the 64th Annual Grammy Award for Best World Music Album and became the very first Nigerian singer-songwriter to receive the award.

As one of the wealthiest artists of Nigeria by 2023 Burna Boy derives a large portion of his revenue from ticket sales and tours. He was the first Nigerian musician to play an event that was sold out at New York’s Madison Square Garden.

The status of Burna Boy in the ranks of wealthiest performers in Nigeria is believed to have grown by at the very least $7.3 million because of the venue’s capacity of 20,789 fans.

Burna Boy has a home with eight bedrooms located in Lekki, Lagos, as in addition to a variety of luxury vehicles, such as the Range Rover Autobiography, a 2022 Lamborghini Urus Novitec Edition, the 2012 Ferrari 458 Italia, and a Rolls-Royce Dawn Convertible

6. 2baba

2baba, a pop star who gained worldwide fame by his hit single African Queen, demonstrated his financial savvy in 2022 by the donation of a multimillion-naira music facility for the Faculty of Music at Obafemi Awolowo University, OAU, located in Ile Ife, Osun State.

With a value in the range of $10.2 million, the legendary African musician 2baba is the 6th-richest singer in Nigeria.

On the 11th of October, 2022 The President Mohammed Buhari honoured the veteran with the Order of the Niger (MON) for his contributions to the music industry, with the other. He has also been honored by awards like the MTV Music Awards, Headies and BET Awards, among others.

Being among the wealthiest music stars to be found in Nigeria at the time of 2023 2baba is home to luxurious residences located in Ikeja, Festac, Lagos Island as well as The United States. It has been proven that he has an Ferrari Coupe, a Toyota Land Cruiser as well as the Chevrolet Corvette Coupe, despite performing a remarkable job of not displaying his collection of cars.

7. Olamide

Olamide, the current president of YBNL Nation, Olamide, who was the producer of artists such as the Asake, Fireboy DML, Jayboi and many more has 10 albums and more than 40 singles to his credits.

Popular for his Yoruba street hip-hop and rap fashions, Olamide, who has an estimated net worth of $10 million, is the seventh most wealthy artist in Nigeria in 2023.

Alongside being one of the wealthiest performers within Nigeria, Olamide has won various other awards in the local music industry including Best Indigenous Artist and Album of the Year.

Olamide owns two lavish residences situated in Lekki as well as Bariga, Lagos, as and a garage filled with luxurious cars, including the Range Rover Sports, a Mercedes-Benz G Wagon and the Range Rover Sports V8, and a Toyota Venza, and a Rolls-Royce Phantom.