Netflix exits Nigeria after 6 years amid economic strain
Officials at a major on-demand movie service informed newsmen on Wednesday evening that the worsening economic situation under President Bola Tinubu had made their decision to exit the Nigerian market unavoidable.
“We’re leaving Nigeria,” an official, who requested anonymity pending an official statement, revealed. “We’ve lost too many paying subscribers, and the exchange rate of the naira against the U.S. dollar has made things even more challenging.”
This move comes just six years after Netflix entered Africa’s largest economy with the release of Lionheart, a film that was hailed as a new chapter in high-quality cinema production in Nigeria.
Since its launch in 2018, the Nigerian Nollywood industry has embraced Netflix, with the platform helping to introduce Nigeria’s creative works to a global audience.
Although Netflix has seen a decline in subscriptions in several markets, Nigeria is the first major country to lose access to the premium entertainment the U.S.-based company offers.
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