Netflix Exits Nigeria After Six Years Due to Worsening Economy
Netflix has reportedly decided to leave the Nigerian market because of the country’s deteriorating economic conditions.
Officials from the popular on-demand streaming service informed The Gazette on Wednesday evening that the worsening situation under President Bola Tinubu made the decision unavoidable.
“We’re exiting the Nigerian market,” said an anonymous official, pending an official announcement.
“We’ve lost too many paying subscribers, and the naira exchange rate against the American dollar has not helped us at all.”
This development comes just six years after Netflix entered Africa’s largest economy with the production of “Lionheart,” which was celebrated as the beginning of a new era for high-quality cinema in Nigeria.
The Nigerian Nollywood industry has embraced Netflix since 2018, allowing Nigeria’s creative works to reach a global audience.
While the company has reported declining subscriptions in other markets, it has remained operational until now.
Nigeria marks the first significant country to lose access to the premium entertainment that the U.S.-based company offers.
