Netflix has reportedly decided to exit the Nigerian market, a move attributed to the country’s worsening economic situation, with inflation data from the National Bureau of Statistics pointing to a further collapse.
An official from Netflix confirmed the decision late Wednesday, explaining the financial pressures that led to this outcome. “We’re exiting the Nigerian market,” the official stated under anonymity.
“We’ve lost too many paying subscribers, and the exchange rate of naira against the American dollar also did not help us in any way.”
The exit comes just six years after Netflix entered Nigeria with the production of Lionheart, which was seen as heralding a new era of high-quality cinema production in the country.
Since Netflix’s arrival in Nigeria in 2018, the Nollywood industry has embraced the streaming platform, which helped spread Nigeria’s creative work to a global audience.
Despite the global trend of declining subscriptions in some markets, Netflix had continued to operate in these countries until now. However, Nigeria appears to be the first major country to lose access to the premium entertainment services Netflix offers.
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Following the widespread reports of Netflix’s exit, the streaming giant has denied the claims, reiterating its commitment to investing in the Nigerian film industry.
“We are not leaving Nigeria,” Netflix said in a statement, addressing the rumors head-on.
The reports gained momentum after comments made by Nigerian filmmaker Kunle Afolayan at the 2024 Zuma International Film Festival.
Afolayan revealed that Netflix had recently canceled several projects by unnamed filmmakers, raising questions about the company’s future in the country.
“When we signed the three-film deal with Netflix three years ago, it was a moment of great excitement,” Afolayan stated.
This revelation fueled further speculation about Netflix’s long-term plans in Nigeria, though the company has maintained that it remains committed to the Nigerian market and film industry.
