Nicki Minaj has been named Billboard magazine's Rising Star of 2011.

The rapper will receive the honour at the Billboard Women in Music ceremony in New York City on December 2.

Nicki received the accolade thanks to her busy year, which has seen her 2010 debut album Pink Friday continue to ride high in the charts. She has also supported Britney Spears during her Femme Fatale tour, collaborated with David Guetta and won BET, Teen Choice and American Music Awards.

"I am deeply honoured to be recognised by Billboard," she said. "My nation of barbz [fans] and I have come a mighty long way; yet we are nowhere close to where God will take us. Sit back and enjoy the ride."

News of Nicki's accolade comes after the announcement that Taylor Swift is the publication's Woman of the Year.

Taylor's is the youngest star ever to win the honour.

"Taylor has shown the power of good song-writing with music that has transcended genres, and we're thrilled to recognise all of her successes over the past year by honouring her with the Billboard Woman of the Year Award," Bill Werde, Billboard's Editorial Director, said.