The Nigerian music industry has received international acclaim. Meet the richest musicians In Nigeria who have used music to increase their net worth in 2023.
One of the fastest-growing businesses in Nigeria is the music industry, which has been going on a worldwide streaming binge. Some of the most renowned musicians on the planet have come from this sector.
The Nigerian-inspired Afrobeat genre, which enjoys widespread acclaim, has had a positive impact on how people view Africa and, particularly, Nigerian music.
Top 10 Richest Musicians In Nigeria
If you appreciate most Nigerian musicians or celebrities, you probably want to know who is among the top 10 wealthiest musicians in Nigeria. See the list below.
1. Davido- Net Worth is $40 Million
Nigerian-American With a substantial net worth estimated at $40 million. The DMW boss was also dubbed an Afrobeats superstar by Forbes in 2020.
Despite coming from a wealthy family, he has established himself in the music industry thanks to key hit songs including “Fall,” “Assurance,” “If,” and “Dami Duro.
Davido receives an average of 20 million views for each of his YouTube videos. They contract Davido to Sony Records, a label that has previously housed Tiwa Savage, Tekno, and other artists. Chief Adeleke, one of Nigeria’s richest men, is Davido’s father.
2. Wizkid- Net Worth is $30 Million
According to statistics, Wizkid is the second-richest singer in Nigeria, with a staggering estimated net worth of $30 million.
The father of two and afrobeat musician is the first Nigerian to sell out the 02 arenas in London three days in a row. Since the release of his debut track, Holla, at Your Boy, he has shattered many records.
An accomplished singer, Wizkid has worked with international musicians like Drake, a Canadian rapper, on songs like “One Dance,” which broke the record for Spotify’s most-played song in 2016 and joined the Guinness Book of Records.
3. Don Jazzy- Net Worth is $20 Million
The third-richest artist in Nigeria is Michael Collins Ajereh, better known as Don Jazzy. The accomplished producer, label owner, and vocalist has plotted out his music career and made a name for himself.
According to estimates, the CEO of Mavin Records, Don Jazzy, is reportedly worth an astounding $20 million, which impacts his preferences and way of life.
His musical career gained speed after he co-founded Mo-hits Records with Oladapo Daniel Oyebanjo, better known as Dbanj.
4. Burna Boy- Net Worth of $20 Million
Burna Boy, real name Damini Ebunoluwa Ogulu, is the fourth wealthiest artist in Nigeria in 2023, with a net worth of $20 million. He was among the list’s highest-paid musicians in 2021 and 2022.
One of the early pioneers of the Afrobeat genre internationally is the Grammy Award-winning singer, rapper, songwriter, and dancer.
After releasing “Like to Party” from his debut album L.I.F.E. in 2012, the native of River State, Burna Boy, gained widespread recognition.
5. Tuface Idibia-Net Worth is $18 Million
The estimated net worth of Innocent Ujah Idibia is $18 million, making him the fifth-richest singer in Nigeria. He was also among the top 10 richest musicians in Nigeria in 2022 on our list.
2Face, a native of Benue State, has established himself as a legendary Afropop performer in Nigeria.
He started his career with the band Plantashun Boiz before going solo. The African Queen singer, who was signed to Kenni’s Music, published his debut studio album there under the name African Queen.
6. Psquare- Net Worth is $16 Million
With an estimated combined net worth of $16 million, Peter and Paul Okoye are one of the wealthiest husband and wife teams in the nation. After forming their Psquare combo, the twin musicians rose to fame.
In Jos, Plateau State, in November 1981, Peter and Paul were born. They issued an album called “Last Nite” in 2003. Their “major break” was reportedly this album.
P-square was quite successful at the time and would charge up to 15 million naira for a performance. They had already achieved an exceptional level in their music careers when their relationship soured and they separated ways.
7. Olamide- Net Worth is $15 Million
Olamide Adedeji, nicknamed Baddo Sneh, is projected to have a net worth of $15 million, making him the seventh-richest singer in Nigeria. On March 15th, 1989, Olamide was born in Bariga, Lagos State.
It knew the native rapper for singing primarily in his native Yoruba, a trait that has won him popularity in the streets. Although Olamide today owns his record label YBNL Nation and produces musicians like Asake, Fireboy DML, Jayboi, and others, he first entered the music industry with the Coded Tunes label.
Olamide’s music became well-known in 2012 after the release of his single Eni Duro. Additionally, the 2011 release of his album Rapsodi helped him advance in the field.
8. Phyno- Net Worth is $ 12 Million
The eighth-richest artist in Nigeria is Azubuike Nelson, A.K.A Phyno, who is expected to have a net worth of $12 million. The Anambra state native’s high goal of becoming a doctor was ultimately eclipsed by his musical talent.
Since he started his music career in 2003, Phyno has also worked as a producer for well-known artists including Flavour, Timaya, Mr Raw, and others.
Rapping in their native tongues is a trait shared by Phyno and Olamide Baddo. Additionally, they are close friends.
9. Timaya- Net Worth is $11.4 Million
On August 15, 1980, Interim Timaya Odom, better known as Timaya or “plantain boy,” was born. He has a net worth of $11.4 million, making him the 9th-richest artist in Nigeria.
Dem Mama Soldiers was the musical ensemble that Tina’s started with. He released “True Story” in 2007. Other meaningful singles include “Gift and Grace,” which was published in 2008, and his third album, De Rebirth, came soon after True Story.
King Perry was signed by Timaya, a 41-year-old CEO of the DM record label. The record company was also home to Runtown and Patoraking.
10. Asa- Net Worth of $10.5 Million
The breakthrough hit from Nigerian/French vocalist Asa Bukola Elemide, alias Asa, “Eye Adaba,” propelled her to fame.
She beat out ten other singers to win the French Constantin Award in 2008 thanks to the album “Asa,” as determined by a panel of 19 music industry professionals in Paris.
Asa has received numerous honours, and they nominated her for the 2015 Headies for “Best R&B/Pop Album,” “Best Alternative Song,” “Best Vocal Performance (Female),” and “Best Recording of the Year.”