Lil' Kim on Having to Cancel Her Essence Fest Performance: "I'm So Disappointed"

The Bad Boy family will be missing one of its stars this weekend.

Lil' Kim was scheduled to take the stage at this weekend's Essence Festival, Essence magazine's annual music and entertainment event held in New Orleans, but her rep issued a statement Friday, announcing the rapper would not be joining Puff Daddy and fellow Bad Boy Records alums on stage due to "unfulfilled business obligations".

"I was looking forward to it," she tells PEOPLE exclusively of getting to perform for fans at Essence Fest. "I'm so disappointed and sad about that."

In the statement her rep said "She's saddened by the news but matters are not within her control."

Despite the cancellation, the rapper and mother of 2-year-old daughter Royal Reign, says she'll still be performing her hits alongside Puff Daddy during this summer's acclaimed Bad Boy Reunion Tour.

But up next for the rapper is VH1 Hip Hop Honors: All Hail the Queens, where she'll be recognized alongside Queen Latifah, Missy Elliott and Salt-N-Pepa for their groundbreaking contributions to hip hop.

RELATED VIDEO: Watch the ESSENCE Festival Livestream!

"It's always a humbling experience and an honor for me," she says of the upcoming recognition. "I just thank God. I feel blessed to have such longevity and just be a major piece of history in the industry. It's a great feeling."

And for the Essence Fest fans who are missing out, "Next year would be great," she says, hinting at a future performance.

VH1 Hip Hop Honors: All Hail the Queens airs Monday, July 11 at 9 p.m. ET