Data, structure, legal framework key to unlocking Nigeria’s creative economy growth – Experts

Creative experts have said data, proper business structures, financing models and stronger legal frameworks are critical to unlocking the full economic potential of Nigeria’s creative industry, particularly Afrobeats.

Speaking at BusinessDay’s Creative Entertainment Summit 2026 themed ‘Ownership is the New Global: Monetising Afrobeats Power Through Equity, Transparency and Strategic Scale’ experts highlighted the challenges preventing creatives from converting talent into sustainable businesses.

Experts highlighted that for Afrobeats and Nigeria’s broader creative economy to achieve global scale, talent must be matched with data, financial discipline, intellectual property protection and sustainable business models.

Adeleke Oluwasegun, founder of Astrotwig, said one of the biggest challenges facing Nigerian artists is the lack of measurable data around their work.

He noted that many creatives struggle because their songs and audience growth are not properly tracked, making it difficult to determine value and attract investment.

“A lot of creatives in Nigeria need a data point. One of the biggest pitfalls of Nigerian artists is that their songs are not trackable. Technology can help build a data trail. We should be able to quantify data because in technology, data is everything,” Oluwasegun said.

Nnenna Jacob-Ogogo, group head of SheVentures and Impact Sectors at FCMB Group, said financial institutions are more interested in predictable cash flows than talent potential.

She explained that while the creative industry has significant value, banks need proper structures and measurable revenue models before committing funds.

“Value cannot be overemphasised, and we know what the value is. Afrobeats has created enormous opportunities, but banks will not finance talent; they finance predictable cash flows,” she said.

She stated that FCMB is taking deliberate steps to deepen its partnership with the creative sector by supporting the wider ecosystem rather than only individual talents.

“At FCMB, we are being intentional about partnering with the creative industry. We are learning that we have to fund the ecosystem that backs individuals. It is not just about the potential the creative economy has, but the fact that it needs to be supported and scaled,” she added.

Abuchi Peter Ugwu, CEO of Chocolate City Group, noted that many creatives need to better understand how to build scalable businesses beyond artistic success.

He said sustainable growth requires proper financial management, strong audiences and structures that allow revenue to flow consistently.

“There are a lot of challenges, and one of them is understanding how your business scales. Cash flow has to flow, which is what your profit and loss statement is showing,” Ugwu said.

He added that the creative sector requires stronger partnerships and policies that recognise intellectual property as a valuable asset.

“The creative industry wants partnership. Music is not like every other good, and you have to pay for everything before it blows up,” he said.

Ugwu stressed the importance of artist development, brand building and monetisation, noting that the industry must focus on value creation.

“Build an audience and structure around artists. Artist development, building the brand and monetising are important because we have to understand it is value creation. If an artist does not make money, there will be a problem,” he said.

Yemisi Falaye, head of legal and business development at The Temple Company, highlighted legal gaps as another major barrier affecting creatives.

She said many artists and businesses fail because agreements are not properly structured, particularly around expenses, ownership and revenue sharing.

“One of the most common pitfalls is not properly defining terms. You need to properly define what you are recouping. Not properly defining expenses is a bottleneck,” Falaye said.

She noted that many record labels still lack a strong understanding of music publishing, despite its importance to long-term revenue generation.

According to her, global labels such as Sony Music and Universal Music operate separate publishing structures because they understand the value of intellectual property rights.

Falaye advised creatives to prioritise legal protection from the beginning of their careers. “The legal part cannot be overemphasised. As a producer or performing artist, your first team must include your lawyer. The lawyer ensures you are properly covered when signing agreements.”

Falaye noted that building the right professional team, especially legal support, is one of the foundations for successfully monetising creative work.