Music executive Ubi Franklin has questioned why Nigeria’s banking industry has not come together to invest heavily in the country’s emerging music talents.
Franklin argued that Nigerian banks could collectively raise about $100 million to sign and support 10 promising upcoming artistes, insisting that the music industry presents significant financial opportunities.
“I don’t understand why the Nigerian banking community can’t come together, raise $100M and sign 10 upcoming artistes. There’s a lot of money in the music industry,” he said.
According to him, major international music companies are already benefiting financially from Nigerian artistes, while local financial institutions have yet to fully take advantage of the industry’s growing commercial potential.
He specifically pointed to Universal Music Group, Sony Music and EMPIRE as companies making money from Nigerian artistes.
Franklin’s comments have sparked conversations about the role Nigerian banks and other local investors could play in developing the country’s entertainment industry.
Nigeria has produced a growing number of globally recognised music stars, with Afrobeats becoming one of the country’s most successful cultural exports.
Beyond providing funding, increased investment from local institutions could potentially help upcoming artistes with recording, marketing, distribution, touring and international expansion.
Franklin’s proposal also raises questions about whether Nigerian investors are doing enough to retain a greater share of the financial value generated by the country’s music industry.
While the $100 million figure has generated attention, Franklin’s broader argument is that strategic investment in emerging talents could create substantial returns while strengthening Nigeria’s position in the global music business.
His remarks have therefore reignited the debate over who should finance the next generation of Nigerian music stars and whether more of the industry’s wealth should remain within the country.
