Is music the new “oil money” in Nigeria?

In Nigeria, oil money is the only legal way to ‘ball.’ It’s now the believe of average Nigerians that once you are working in an Oil&Gas company, you must have extra zeroes in your bank account, your house in Lekki or Banana Island or any high-end place, your fleet of cars, and the ability to afford things exotic thing that a regular workers can’t. Basically, all these are true as oil is the major source of income in Nigeria for many years (except Obasanjo’s tenure because he depended on agriculture instead), which is why many people have been scuffling and are still doing so trying to work in an oil company.

We all know music is a good business and there are millions of musicians fighting to make it in a very crowded industry where the competition increases everyday with the arrival of new acts. Back in the days musicians had to sweat their lives away to buy a land and build a bungalow in a normal area, and many A-list artists then lived in a rented apartment.

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However, the rate at which this artist are beginning to afford the expensive things is quite amazing and alarming, artist that have spent barely three years in the industry like Kiss Daniels, Mayorkun, Reekado Banks, etc., buying the type of houses and cars that will make one’s jaw drop. Kiss Daniels even recently got two houses on the island which will be worth nothing less than 300 million combined. Feeding off the success of ‘Mad Over You,’ Runtown got himself a Lamborghini and then bought another one later after his first was pictured to have allegedly broken down on the streets of Lagos. Phyno got himself a Rolls Royce, D’Banj just moved into a 7-bedroom penthouse, other musicians are buying Bentleys and high-end cars, and many, many other examples like that.

Is it really music that’s funding all these things? A Lamborghini and a Rolls Royce costs at least N150 million… now add a house to that, the clothes and what-have-you, and an artist will be spending roughly N700 million – N1 billion annually. Even Davido claims to have N30 billion for d askant e.

With the singles, albums, royalties and shows, an artist will do all year, it seems off for one to actually make up to N700m – N1bn in a year, talkless of being able to spend that amount.

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Okay, let me factor the business minds of artists like Don Jazzy, P-Square, D’Banj, Rugged Man and co. the other artists who, as far as we can tell, have music as their only source of income are the ones affording these luxurious amenities and tech. I wonder if the music is actually that lucrative because there are a whole lot of musicians out there who are just as hardworking and talented but are barely making enough to even afford the basic amenities, talkless of splurging once in a while.

Right now, musicians are even affording things that those in Oil&Gas can’t afford.

Share your thoughts in the comment box below if you feel music is the new oil money

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