Netflix has made the decision to exit the Nigerian market, citing the country’s deepening economic challenges and inflationary pressures as key factors.
Officials from the streaming giant informed The Gazette on Wednesday that the worsening economic conditions under President Bola Tinubu’s administration have made the move unavoidable.
“We’re exiting the Nigerian market,” said an anonymous source close to the company, awaiting an official statement. “The number of paying subscribers has dropped significantly, and the naira’s exchange rate against the dollar has worsened the situation.”
This move comes just six years after Netflix ventured into Nigeria with the production of Lionheart, a project that was seen as a milestone for the country’s burgeoning film industry. Since then, the Nigerian Nollywood sector has welcomed Netflix’s global reach, helping spread Nigerian culture and creative work to an international audience.
Although Netflix has faced a decline in subscribers in other regions, Nigeria becomes the first major market where the company is pulling out completely due to the ongoing economic crisis.
