How Foreigners are Capitalising on Nigeria’s Problems -MI Abaga
Popular rapper, MI Abaga has said foreigners are capitalising on Nigeria’s problems, which include a lack of opportunities for the country’s citizenry.
Speaking during a virtual symposium organised by the Harvard Kennedy School Alumni Association of Nigeria on Friday, December 11, 2020, Abaga revealed that the lack of structure in the Nigerian music industry is forcing many artistes to sign publishing deals with foreign firms and causing them to pay their taxes to foreign jurisdictions and hire foreign staff.
While explaining the difficulty for most of his colleagues in securing funds due to the way the industry is, the former Chocolate City boss lamented that young Nigerians, in general, are under a burden and striving every day to prove their worth.
His words: “In 2000, there was no music industry and the first people that started had no structure around them and literally even today as we speak, that structure is being built everyday and unfortunately, what we find out is that if you take the top 10 Nigerian artistes, majority of their taxes are being paid to foreign countries and majority of their workforce would be people that are outside the country.
“There are some investments in the music business but the real big investments are coming from outside and we are gradually selling those catalogues off. As Europe is returning some of our artefacts, we are giving them our artefacts for the next 100 years.
“The bulk of my catalogue is now domiciled under some company that is owned by someone else there (abroad). It is almost like the burden to prove their capabilities is on the young Nigerians.”
The music star, however, said he has no doubt that Nigerians would do better in spite of the challenges.
“Nigerians are among the best sub-minorities in the United States of America. We conquered basketball, we have conquered music globally, and we have conquered film. We are doing amazingly well. All we need in Nigeria is an opportunity,” Abaga added.
