Internationally renowned streaming platform Netflix has concluded plans to exit the Nigerian market due to the country’s ongoing economic challenges.
According to information gathered, this decision follows recent inflation figures released by the National Bureau of Statistics, which reveal a worsening economic landscape.
Netflix official cited multiple factors contributing to the decision: “We’re exiting the Nigerian market. We’ve experienced significant losses in paying subscribers, and the unfavorable naira-to-dollar exchange rate has 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 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, highlighting the impact of the country’s economic struggles under President Bola.
