This paper explores the status of the Nigerian music industry through the paradigm of its music promotion, marketing, and distributing structure. Using ethnographic and bibliographic sources, the study traces the history of the Nigerian recording industry which nose-dived from the late 1980s with the exit of major label operations like Sony, Polygrams and EMI due to political and economic factors and recognised the impetus given the music scene through the resilience and creativity of the new hip hop generation who now have to contend with myriads of challenges among which is piracy and copyrights issues. While highlighting some of these challenges, the paper presents an array of possibilities as well as recommendations and concludes that with proper structuring and intervention, the Nigerian music industry can be a major player within the global music scene, and be a viable revenue earner for the country aside from crude oil.