Musa joined the Premier League champions from CSKA Moscow last summer for a club-record £16.6million and much was expected from the arriving forward, who scored 42 times in 125 league appearances in Russia.
However, the Nigeria international has struggled to adapt to the English style of football and he has only scored two times from 14 league games, although only five of those have been starts.
The 24-year-old did prove to be the match-winner in the recent FA Cup third round clash against Everton, coming off the bench to score twice in the 2-1 victory.
Ranieri is now hoping Musa can take huge amounts of confidence from that performance and kick on for the club in the second half of the campaign.
"Musa has a lot of qualities. He scored a lot of goals in Russia. Now, it’s important for him to keep going and maintain this momentum," he said.
In the last month I saw him in training sessions and he did very well. He scored two goals and I hope now he’s getting better and getting more confident