Nigeria’s creative economy is no longer emerging but asserting itself on the global stage.
From Afrobeats dominating international charts to Nigerian fashion appearing on the world’s most prestigious runways, the country’s cultural exports are reshaping global perceptions of Africa.
Yet beneath this momentum lies a familiar challenge: scale.
In this second instalment of Dimensioning Nigeria’s Creative Industry, we examine the other five fast-growing creative verticals—Music, Fine Arts, Theatre, Fashion, and Food—and explore why, despite their global relevance, structural gaps continue to constrain their full economic potential.
Also read Dimensioning Nigeria’s Creative Industry: MBO Capital’s Perspective (Part 1)
Music: Global Reach, Local Constraints
Nigerian music, particularly Afrobeats, has become one of Africa’s most successful cultural exports. Artists such as Burna Boy, Rema, Ayra Starr, and Tems now command international audiences, driven by streaming platforms and digital distribution.
However, much of the economic upside remains unrealised, particularly in music publishing, rights management, and licensing, which continue to be underdeveloped relative to the scale of Nigeria’s creative output.
As is common globally, most recording artists generate meaningful income through live performances rather than recorded music alone.
Yet Nigeria remains largely excluded from global touring circuits due to a shortage of purpose-built performance venues.
This infrastructural deficit limits domestic touring, reduces foreign artist inflows, and restricts the local capture of live-event revenues.
Addressing this gap is critical. Purpose-built arenas not only enable concerts but also catalyse entire ecosystems—from event production and hospitality to tourism and logistics.
Investments such as the Project X Arena in Lagos, backed by a consortium of local and international investors (including Nigeria Sovereign Investment Authority, Nigeria’s sovereign wealth fund, Persianas Group, Oak View Group and MBO), represent an important step toward anchoring live entertainment within Nigeria.
Fine Arts: Cultural Capital as Financial Capital
Globally, fine art is recognised as an alternative asset class. Nigeria’s contribution to this space is well established, with artists such as Aina Onabolu, Bruce Onobrakpeya, Yusuf Grillo, and Ben Enwonwu securing international acclaim.
Enwonwu’s Tutu, which sold for $1.6 million at auction in 2018, remains a powerful signal of the global market’s appetite for Nigerian art.
Yet within Nigeria, fine art remains relatively niche as an investible sector. This is beginning to change. Structured financing for reputable galleries, artist estates, and curated collections presents an opportunity to professionalise the market while unlocking long-term value appreciation.
Equally important are institutions that nurture artistic talent and global collaboration. Artist residency programmes such as Guest Artists Space Foundation, Reimagining Hope, and 1952 Africa are strengthening the creative pipeline, while platforms like ART X Lagos continue to elevate visibility and market access for Nigerian artists.
Investment in supporting infrastructure, including professional framing, conservation services, and climate-controlled storage, will be essential to preserving value and institutionalising the sector.
Theatre: Preserving Heritage, Creating Pathways
Theatre occupies a unique position within Nigeria’s creative ecosystem. While less commercialised than film or music, it plays a critical role in cultural preservation, talent development, and storytelling.
The reopening of the National Theatre signals renewed commitment to the performing arts, restoring a historic cultural landmark and providing a platform for professionalisation.
Although Nigeria has yet to develop a commercial theatre ecosystem comparable to Broadway or the West End, grassroots initiatives continue to drive momentum.
Festivals such as Terra Kulture’s Lagos International Theatre Festival highlight the sector’s vitality, while theatre increasingly serves as a pipeline into film and television.
Productions like Osamede (partly funded by MBO), which transitioned from stage performance at the MUSON Centre in 2022 to cinematic release in October 2025, demonstrate theatre’s role as both cultural incubator and commercial springboard.
Fashion: From Creativity to Industrial Scale
Nigerian fashion has become a powerful symbol of contemporary African identity.
Designers blend heritage with modern aesthetics, earning international recognition and retail placements in stores such as Macy’s, Selfridges, and Bloomingdale’s that are now stocking pieces from labels like Lisa Folawiyo, Andrea Iyamah and Orange Culture.
This retail visibility sits alongside cultural moments that place Nigerian creativity at the centre of global fashion conversations.
For instance, at the Met Gala, Nigerian designers such as Chuks Collins have dressed international celebrities, while other looks inspired by Nigerian textiles and craftsmanship have appeared on the red carpet.
Together, these developments signal a new era in which Nigerian fashion is not only exporting aesthetics but becoming woven into the fabric of global style.
Yet the industry’s primary constraint is not creativity—it is production. Many designers rely on foreign garment makers due to gaps in local technical expertise, mechanisation, and quality control.
Countries such as Morocco have built manufacturing ecosystems capable of servicing global brands, underscoring what targeted industrial investment can achieve.
To scale Nigeria’s fashion sector, investment must extend beyond designers to the entire value chain: textile manufacturing, fabric innovation, mechanised garment production, fashion technology, logistics, and training institutions.
Shared production hubs and export-ready manufacturing clusters will be critical to transforming fashion from artisanal success into industrial strength.
Food: Culture, Commerce, and Scale
Nigeria’s food industry has emerged as one of the most dynamic components of its creative economy, sitting at the intersection of culture, entrepreneurship, and mass consumer demand. With Africa’s food and agriculture market projected to reach $1 trillion by 2030, the opportunity is substantial.
Culinary culture has become a powerful export. Global attention, from record-breaking cooking feats to Chef Hilda Baci’s Guinness World Record, has elevated Nigerian cuisine onto the world stage.
Food festivals such as the GTCO Food and Drink Festival, Lagos Food Festival, and EatDrinkLagos further reinforce food as both cultural expression and commercial opportunity.
Beyond events, technology-enabled platforms are accelerating scale. Food delivery and logistics companies like Chowdeck, Glovo, and FoodCourt are reshaping consumption patterns and expanding income opportunities across the value chain.
Chowdeck’s milestone of over one million orders in October 2025 illustrates the sector’s rapid maturation.
As consumer preferences shift toward convenience, experience, and authenticity, Nigeria’s food ecosystem presents a compelling investment case—one capable of driving GDP growth, exports, and youth employment.
A Financing Model Fit for Creativity
Unlocking the full potential of Nigeria’s creative economy requires more than capital—it demands financing models attuned to creative realities.
At MBO, our approach is guided by our five investment themes: Job Creation, Homegrown enterprise, Youth and Female Empowerment, Export Promotion, and Import Substitution.
MBO Capital is committed to mobilizing capital and bridging the gap between creatives and investors to continue to propel African soft power forward.
Rather than imposing rigid financing structures, we prioritise flexible, risk-sharing models that bridge the gap between creative talent and institutional capital.
As African creativity gains global traction, the opportunity is clear: with the right infrastructure, policy frameworks, financing, and partnerships, Nigeria’s creative industries can move from cultural influence to sustained economic power.
This article was written by Adekunle Adebiyi, Folajimi Alli-Balogun, Irewole Akomolafe, and Makuochukwu Nwagbo
