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Nigerian artists earned roughly ₦1.98 for every stream on Spotify in 2025, according to figures from the global streaming platform’s annual Loud & Clear report. Spotify said Nigerian artists generated over ₦60 billion ($43.92 million) in royalties from the platform in 2025, from 30.3 billion total streams. Dividing the revenue by total streams puts the estimated payout at just under ₦2 per stream. Spotify provides a direct path to monetisation for many artists, but artists in lower-income markets often earn significantly less per stream than their Western counterparts because of how streaming payouts are calculated. According to this 2025 report, one million streams in Nigeria generate just $300, while the same streams in Sweden are worth up to $10,000. The disparity stems from Spotify’s territorial payout model, which adjusts earnings based on regional subscription fees and economic conditions. In Nigeria, Spotify’s premium plan costs about ₦1,600 ($1.17) per month, while in Sweden, where the company is headquartered, monthly subscriptions cost about $13.78. While this model helps keep streaming affordable for listeners, it also reduces per-stream revenue for artists in lower-income regions. Spotify says it pays royalties based on an artist’s share of overall streams across the platform, not based on a fixed per-stream rate. “If an artist accounts for 1% of all streams in a particular country, their selected rightsholder(s) receive 1% of the recording royalties we pay there,” the streaming platform said. Spotify pays out two-thirds of every dollar it generates from music streaming to rights holders, who eventually pay artists. Before this money gets to artists, it flows to labels, distributors, publishers, and collective management organisations. In 2025, the company paid out $11 billion globally, with the ₦60 billion ($43.92 million) earned by Nigerian artists representing 0.39% of the total. Streaming growth and expanding global audience Beyond payouts, Spotify’s data shows that the Nigerian music ecosystem is growing quickly, both locally and internationally. In 2025, Nigerian artists generated 30.3 billion streams and had 1.6 billion listening hours on Spotify. Revenue generated by Nigerian artists on the platform has grown more than 140% in the last two years. In 2024, it paid out ₦58 billion ($42.45 million). In 2025, Nigerian artists were discovered by first-time listeners more than 1.3 billion times on Spotify, representing a 26% increase compared to 2024. At home, Nigerian musicians accounted for over 80% of tracks on Spotify Nigeria’s Daily Top 50 during the year, highlighting strong domestic demand for local music. The report also highlights the growing role of independent artists and labels in Nigeria’s music economy. About 58% of all royalties earned by Nigerian artists on Spotify in 2025 went to independent artists or labels, indicating that a large share of revenue is flowing outside traditional label structures. Nigerian artists were also added to nearly 2,000 editorial playlists in 2025, while Nigerian music appeared in nearly 320 million user playlists globally and over 12 million playlists in Nigeria. More than 60 million playlists featuring Nigerian artists were created on Spotify during the year. “Nigeria’s music story continues to be one of creativity, innovation, and global cultural influence,” said Jocelyne Muhutu-Remy, Managing Director, Spotify in Africa, in a statement. “What we’re seeing is a market where talent is not only reaching new audiences around the world, but also building deeper connections at home.”
Read MoreIHS Towers is restructuring parts of its portfolio by letting tenants who can’t pay vacate tower sites in exchange for structured debt repayments, part of a broader operational cleanup ahead of its planned $2.2 billion acquisition by MTN Group. The company’s business model is built on leasing space on its telecommunications towers to mobile network operators. These operators—known as tenants—install their equipment on the towers and pay recurring fees for access to the infrastructure and related services such as power and maintenance. By replacing uncertain rental income with structured repayment commitments, IHS is reducing revenue risk and improving the reliability of its earnings. The restructuring also streamlines the tower portfolio, potentially allowing MTN to inherit a more stable asset base with fewer exposure risks as demand for mobile data and 5G infrastructure continues to grow across African markets. “The proposed sale of IHS Towers to MTN represents the next step in our long-standing partnership,” Sam Darwish, chairman and chief executive officer of IHS Towers, said in the company’s 2025 financial year report released on Monday. “The transaction brings together Africa’s largest mobile network operator with one of the continent’s leading digital infrastructure platforms.” A key part of the restructuring was an updated agreement with 9mobile, now operating as T2 Mobile, a smaller Nigerian telecom operator that has struggled with liquidity in recent years. Under the deal, IHS allowed the company to vacate 2,576 tower sites across Nigeria in exchange for a contractual commitment to repay portions of its historic overdue balances through July 2027. While the report does not disclose the exact amount owed by T2, IHS Towers has approximately $4.2 billion in gross debt, according to its report. The arrangement contributed to a year-on-year loss of 3,836 tenants due to churn, but it also replaced an uncertain revenue stream with a structured cash repayment schedule. By removing a struggling tenant while securing repayment commitments, IHS can potentially improve the quality of its earnings and present a cleaner financial profile to investors ahead of the planned acquisition. Beyond tenant restructuring, IHS pruned its geographic footprint. The company reported a net decrease of 1,639 towers year-on-year, leaving it with 37,590 towers at the end of the fourth quarter of 2025. However, most of that decline stemmed from the disposal of its Rwanda operations in October 2025, which accounted for 1,467 towers. Excluding the Rwanda exit, the company’s tower base declined by only 172 sites. The divestiture is widely viewed as part of the preparations for the MTN deal, allowing the telecom giant to acquire a more focused portfolio centered on core markets. Despite the decline in headline tower numbers, the underlying business continues to expand. IHS added 580 new sites during the year and reported 4,328 new lease amendments, bringing the total to 43,999. Lease amendments typically involve upgrades such as 5G equipment installations, solar power systems, or backup energy solutions added to existing towers. Because the physical infrastructure is already built, these upgrades generate higher-margin revenue than constructing new towers. The company’s colocation rate, the average number of tenants per tower, declined slightly to 1.46x from 1.48x in the previous quarter. However, that drop largely reflects the Rwanda divestiture and the T2 restructuring. When those two factors are excluded, IHS actually added 1,148 net tenants over the year, indicating continued demand for tower infrastructure and related services. IHS reported revenue from continuing operations of $397.8 million in the fourth quarter of 2025, up 1.2% year-on-year. The growth came despite revenue headwinds from earlier asset disposals and currency movements. Organic revenue declined slightly due to foreign exchange adjustments and changes in power indexation linked to the appreciation of the Nigerian naira. However, revenue growth from new tenants, lease amendments, and contractual escalations helped offset these pressures. “We delivered a strong fourth quarter, completing a year of solid revenue growth and profitability, robust free cash flow generation, and continued consolidated net leverage reduction,” Darwish said. “Our full-year results reflect disciplined execution, sustained commercial momentum, and the resilience of our operations across key markets.”
Read MoreThe Central Bank of Nigeria has restricted how often Nigerians can update the phone number linked to their Bank Verification Number (BVN), capping it at once in a lifetime. In a circular issued to banks and other financial institutions on Thursday, the apex bank said the new rules will take effect from May 1, 2026. The restriction is part of new safeguards designed to reduce fraud risks tied to Nigeria’s rapidly growing digital payments ecosystem, where mobile numbers are central to authentication and account recovery. Phone numbers linked to BVNs play a critical role in Nigeria’s banking infrastructure. They are used for one-time passwords (OTPs), transaction alerts, and account recovery processes, making them a key point of vulnerability for fraudsters attempting to hijack bank accounts. Introduced in 2014, Nigeria’s BVN system is the foundational identity layer for the country’s financial services sector. As of March 2026, BVN enrolment count stood at 68.59 million. By limiting how often these numbers can be changed, the CBN aims to reduce the risk of identity manipulation and SIM-related fraud that can enable unauthorised access to financial accounts. While there is no isolated estimate of the financial cost of SIM fraud in Nigeria, the Nigeria Inter-Bank Settlement System says SIM-related compromises often play a role in social engineering schemes, the country’s leading cause of fraud, which accounted for 62,901 cases in 2023. Alongside the restriction, the CBN has also directed financial institutions to establish a temporary watchlist for BVNs linked to suspicious activity. Under the new framework, a flagged BVN can remain on the watchlist for up to 24 hours while the bank contacts the customer to verify the transaction. During this period, the watchlist acts as a pause mechanism, giving financial institutions time to investigate potentially fraudulent activity before funds are moved across the banking system. The measure reflects a growing regulatory clampdown on fraud in Nigeria’s payment ecosystem. The circular reiterates that BVN enrolment remains restricted to individuals aged 18 and above, and that access to BVN database information is limited strictly to financial institutions licensed by the CBN. The latest directive forms part of a broader set of measures, including stronger Know Your Customer (KYC) measures, introduced by the regulator in recent months to tighten fraud controls across Nigeria’s banking and fintech ecosystem.
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