Veteran rapper Jude Abaga, popularly known as M.I, has raised concerns about the main sources of funding driving Nigeria’s music industry.
Speaking on a recent episode of the So Nigerian podcast, M.I alleged that a significant share of the money sustaining the industry comes from internet fraud — popularly referred to as “Yahoo Yahoo” — and from foreign investors.
He described the situation as a national embarrassment, noting that despite Nigeria’s abundance of creative talent, local financial support for the music scene remains weak.
According to him, the industry’s heavy dependence on questionable sources of funding and foreign capital points to deeper structural problems within the country’s creative economy.
“There’s a lot of controversy when people talk about Yahoo Yahoo, because for a lot of artists, that is the funding that they have,” he said.
“It’s an indictment on our country that we have such talented musicians, yet the major funding for the industry comes from the West and from the fraud industry. It shows that something is wrong. Hopefully, we can do better.”
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M.I explained that many up-and-coming Nigerian artists currently receive support mainly from friends and peers rather than from wealthy benefactors or established institutions.
He urged high-net-worth Nigerians, corporate organisations, and government bodies to invest in the creative sector to reduce the industry’s dependence on illicit funds and foreign money.
He emphasised that with the right local investment, Nigeria’s music industry could expand, create more employment opportunities, and contribute more meaningfully to the nation’s economy.
