TAG Launches “Uncharted Waters” Report on Nigeria’s Afrobeats Economy

TAG, an independent advisory and investment management firm focused on Africa’s high-growth sectors, has released a groundbreaking report titled Uncharted Waters: Nigeria’s Afrobeats Economy. The report offers a provocative, data-driven look into the rise of Afrobeats as a global sound and the economic structures struggling to keep pace with its cultural success.

As Nigerian artists dominate global charts, sell out stadiums, and rack up billions of streams, Afrobeats has become one of the country’s most visible exports. Yet behind the global spotlight, TAG reveals an ecosystem that remains largely informal, undercapitalised, and structurally disconnected from the financial success its sound generates. From poor royalty distribution and weak copyright enforcement to a lack of venues and business infrastructure, the report shows how the economics behind the music have failed to evolve alongside the talent driving it.

“Afrobeats isn’t just music, it’s a viable economy,” said Fiyin Ogunlesi, Managing Principal at TAG. “But we’re still building castles on sand. We can’t continue to export this sound globally without building the structures at home to support and protect the creators, entrepreneurs, and communities behind it. That means better financial tools, stronger IP enforcement, and serious investment in the business of culture.”

Uncharted Waters presents not only an in-depth economic and cultural analysis but also a call to action. TAG urges investors, policymakers, and creative industry players to collaborate in turning Afrobeats from an artistic success story into a sustainable economic force, one that delivers value not just to global labels or tech platforms but to the Nigerian creatives and communities at its core.

Afrobeats has come a long way, but the journey is far from over. While Nigerian artists are earning more than ever before, global revenue comparisons reveal a sobering truth: there’s still a long way to go before African creatives, especially rights holders, can match the earnings of their international peers.

In short: we have the talent, we have the culture, and now, we need the capital. Afrobeats is not just a sound; it’s a billion-dollar industry in the making. And with the right moves, we won’t just be making noise—we’ll be building wealth.