One of the fastest-growing industries in Nigeria is the music business, which has been on a global streaming binge. This article covers the wealthiest artists in Nigeria in 2023 because popular singers earn so much money that the sector is currently worth several trillion naira and is one of the highest-paying jobs in the nation.
The Afrobeats genre, championed by Nigerian artists, has positively impacted how people throughout the world view African music in general, even though musicians in these regions still have a difficult time competing with the richest musicians in the world. One characteristic of Nigerian artists is that they are self-supporting. While many musicians gain money, many others have amassed enormous wealth through their artistic talent.
Here is a list of some of the richest Nigerian artists, along with information about their wealth.
Davido – ($40 million)
David Adedeji Adeleke, best known by his stage name Davido, is a Nigerian singer, songwriter, and record producer who was born in the US on November 21, 1992. David Adeleke is currently the richest musician in Nigeria, with a phenomenal net worth estimated at $40 million. Many people might attribute his success to his affluent upbringing, but the 30-year-old has worked hard to accomplish his goals and make a name for himself in the music industry with some of his great songs like “Dami Duro,” “If,” “Fall,” and other hit songs.
The majority of Davido’s endorsement and recording deals, including the one with MT, Guinness Nigeria, and other businesses like Infinix Mobile, have contributed to his wealth. The superstar also appears in regional and foreign productions, earning up to N10 million per performance domestically and almost $30,000 abroad. In addition to sponsorship deals, he makes money via his social media profiles. He charges about $91,100 per post for brand deals and promotions on his Instagram feed. His huge financial wealth has also benefited from the nearly 900 million views his YouTube channel has received.
Wizkid ( $30 million )
Ayodeji Ibrahim Balogun, popularly known to his followers as Wizkid, is a young man with captivating musical potential. Wizkid is placed second on this list of the wealthiest Nigerian artists in 2023. He is a Nigerian singer and composer who was born on July 16, 1990, in the city of Surulere. His estimated net worth is about $30 million, which allows him to continue working at the top of his profession. He and five of his buddies became interested in music at a young age, and, at the age of 11, they started a band. Before 2Baba’s abilities being acknowledged in the entertainment sector, he received mentoring from OJB Jezreel. He rose to fame in the industry after “Holla at Your Boy,” his debut single, was made available.
He undoubtedly has an honourable position both inside and outside of Nigeria because of his reputation. Wizkid has won many awards besides his honourable position as the head of the record label STARBOY.
Don Jazzy ($18.5 million. )
Don Jazzy, real name Michael Collins Ajereh, was born on November 26, 1982, in Umuahia, Abia State. Don Jazzy is a Nigerian record producer, composer, singer, and professional businessman. He is a co-founder of the renowned tech firm Floybt. He also represents several brands, such as MN, Quidax, Johnnie Walker, Loya Milk, Samsung Mobile, and others. He has won a lot of accolades. His fascination with the music business began to take shape when he was 12 years old. Don Jazzy is thought to be worth $18.5 million.
Don Jazzy established Mavin Records, which is thought to be worth $350 million. He owns three mansions, one each in Los Angeles, Lekki, and Banana Island. The music producer owns four vehicles, including a Mercedes-Benz E350, a Bentley Continental, a Cadillac Escalade, and a Porsche 911 Carrera.
Burna Boy ($17 million)
Oluwadamini Ogulu, better known by his stage name Burna Boy, is a musician and composer from Port Harcourt. As of right now, he is the only musician in Nigeria whose mother also serves as his manager, and she performs an excellent job. On July 2, 1991, he was born, the oldest of three sisters. He is his parents’ lone child. The well-known musician and manager of Fela Anikulapo Kuti was his maternal grandpa. This shows that his mother has long been a devotee of Afrobeats. Burna Boy became passionate about music at the age of ten. He first rose to fame in 2012 with the smash tune “Like to Party,” which catapulted him into the public eye, and ever since then,
Burn Boy has had a remarkable road to success and has reached several professional milestones. After partnering with Warner Music Group and Bad Habit/Atlantic Records, he made his worldwide debut in 2017. He has made a name for himself as Africa’s juggernaut on a national and international scale. When Burna was 17 years old, he purchased his first vehicle, a Range Rover. He currently owns a number of them, including a Rolls-Royce Dawn Convertible, 2013 Ferrari, Lexus, Bentley, Mercedes-Benz G Wagon, etc. He has also served in several ambassadorial capacities. His $17 million net worth places him as Nigeria’s fourth-richest artist.
2baba ($16 million )
Innocent Ujah Idibia, who was born on September 18, 1975, in Jos, is a well-known musician and the creator of Hypertech Media. His professional journey began with Plantashun Boiz. He inked a record deal with Kennis Music so that his debut album, “African Queen,” could be made available. After the song went viral in 2004, he attracted media attention, which helped him win several accolades and become well-known. His estimated net worth is $16 million, and he has endorsement deals with several businesses, including Glo, Partner Mobile, Campari, and others. 2baba married Annie Idibia in 2012; the couple is parents to two kids. With various ladies, he has fathered five more children.
The artist enjoys an opulent way of living. He owns one house in the US and two in Lagos. Aside from music, 2baba has a sizable amount of property in Nigeria. In addition, he is the owner of the Rumors nightclub, where he is said to make between $50,000 and $80,000 for each performance. In 2019, Pazino Homes and Gardens in Nigeria appointed him as their brand ambassador.
Olamide ($13 million)
Olamide Adedeji is regarded as the king of street music and is famous for his smooth Yoruba raps. He founded the record company YBNL Nation which is also known as Olamide Badoo. His record company has signed numerous performers, including Temi Ovwasa, Chinko Ekun, Picazo, Lil Kesh, Adekunle Gold, Fireboy DML, and ASAI. He began his career with Coded Tunes before starting his label. He contributed to his rise to fame with the publication of his albums “Eni Duro” and “Rapsodi” in 2010 and 2011.
He was born on March 15, 1989, in Bariga, Lagos State. Olamide is one of the wealthiest artists in Nigeria, with an estimated net worth of $13 million. He also acts as a brand ambassador for several well-known Nigerian companies, including iTel Mobile, Ciroc, Globacom, and Guinness.
In 2019, he reportedly consented to a multimillion-naira endorsement contract with Goldberg Lager. Olamide has two residences, a Mercedes-Benz G Waggon, a Rolls-Royce Phantom, and a Range Rover Sport V8 which are all located in Lagos.
Phyno ($11 million)
Chibuzor Nelson Azubuike, popularly known by his stage name Phyno Fyno, is an Igbo rapper, singer, songwriter, and record producer. He is a gifted actor with a $11 million net worth. He is now succeeding and is one of the top 5 fastest rappers in the nation.
Before moving to Lagos and teaming up with Olamide to advance his career, Phyno started rapping in 2010, utilizing the Igbo dialect. Like Olamide, Phyno has advanced music. In his songs, he has included numerous different musicians, including Timaya, Flavour, M.I., and others. He currently serves as a brand ambassador for GLO, Monster Energy Drink, and Nairabet, which collectively earn millions of Naira.
Timaya ($10.4 million)
Timaya is the stage name of Enetemi Alfred Odom, a Nigerian singer and composer who was born on August 15, 1980. He established DM Records Limited. With the release of “Dem Mama,” which also appeared on his debut album, True Story, which was published the following year, his solo career officially began in 2005.
With a net worth of $10.4 million, Timaya is another celebrity who made it onto our list of the wealthiest Nigerian artists in 2023. Everyone should take inspiration from Timaya’s narrative of overcoming obstacles to achieve greatness after starting as grass.
Flavour ($9.2 million)
The list also includes Flavour, another Nigerian artist. With an estimated $9.2 million in wealth, he is among the wealthiest artists in Nigeria. The day of November 23, 1983, saw the birth of Flavour, whose real name is Chinedu Izuchukwu Okoli. He performs as a dancer, actor, model, musician, and vocalist. With the release of his debut album, “Ada Ada,” in 2014, Flavor rose to prominence.
Among other accolades, his music has won him the titles of Best Traditional Artist, Most Gifted Afro-Pop Artist, Indigenous Artist of the Year, Video of the Year Awards, MTV Africa Music Awards, Best Live Act, and Male Musician of the Year in the City People Entertainment Awards. At a very young age, he started playing the drums in church, and over time, he developed into a well-known drummer recognized for his Igbo highlife tunes.
Tiwa Savage($9 million)
The birthdate of Tiwatope Savage is February 5, 1980. Tiwa Savage, one of the richest artists in Nigeria with an estimated net worth of $9 million, is the first woman to be included on this list. She is Nigeria’s highest-paid female artist. She became increasingly popular as a result of the success of her song “Kele Kele Love,” and ever since, she has been a significant force in the music industry. She was a part of the Mavin Record Label before joining Universal Music Group. Her merits have earned her the support of companies like Konga, Pepsi, Forte Oil, and Maggi.