Worldwide renowned streaming platform, Netflix is reportedly set to exit the Nigerian market amidst the nation’s ongoing economic challenges.
According to information obtained by Peoples Gazette, the decision comes in light of recent inflation figures released by the National Bureau of Statistics, highlighting the worsening economic landscape.
A Netflix official, speaking anonymously ahead of an official announcement, cited multiple factors contributing to the decision.
“We’re exiting the Nigerian market,” the source disclosed. “We’ve experienced significant losses in paying subscribers, and the unfavorable naira-to-dollar exchange rate further complicated our operations.”
Netflix’s departure marks a significant turning point, as the platform first entered Nigeria six years ago with the production of Lionheart, a milestone that was celebrated for elevating the quality of Nigerian cinema. Since then, Netflix has played a pivotal role in showcasing Nollywood to a global audience.
While the company has faced subscription declines in other markets, Nigeria is the first major economy to lose access to Netflix’s premium entertainment offerings, underscoring the impact of the country’s economic struggles under President Bola Tinubu’s administration.