Banks hardly don’t support record labels -MI Abaga
Nigerian rapper, MI appeared on the popular Loose Talk podcast. As the name implies, talk was literally let loose on the show, where the rapper spoke on his music, record labels in Nigeria among other issues.
At some point during the conversation, funding the Nigerian music business came to the fore . The acclaimed rapper made a shocking statement that raised several eyebrows. He said: “There’s no bank in the history of Nigeria that has given one Naira to any label. There’s one corporate entity that has given any label. It’s young guys.
“In fact, you’re more likely to get money from a Yahoo boy. Shout-out to Yahoo boys. May God prosper your business.”
During the interview, MI also made a salient revelation, he said Chocolate City was funded by bootstrapping.
The self-proclaimed ‘ Short black boy’ is re-echoing a pertinent issue in the Nigerian business climate. Getting funding for a business from banks is a herculean task . Entrepreneurs who desire to invest in the music business look for other means to raise funds aside from the traditional mediums available.