Netflix is set to exit the Nigerian market as the country grapples with worsening economic conditions. Officials from the global streaming giant disclosed the decision on Wednesday, citing inflation and the naira’s exchange rate as key factors, according to The PUNCH.
“We’re exiting the Nigerian market,” an official told newsmen anonymously, pending a formal announcement. “We’ve lost too many paying subscribers, and the naira’s value against the dollar hasn’t helped us at all.”
The move comes six years after Netflix launched in Nigeria with Lionheart, a landmark production that signalled a boost for Nollywood’s global reach. Since its debut in Africa’s largest economy, Netflix has played a pivotal role in promoting Nigerian cinema, with hits like King of Boys and Blood Sisters gaining widespread acclaim.
However, Nigeria’s economic challenges have cast a long shadow on businesses. With inflation at record highs and the naira plummeting against the dollar, affordability for services like Netflix has dwindled for many Nigerians.
While Netflix has faced subscription declines in other markets, Nigeria now appears to be the first major economy to lose access to the platform’s premium content. This departure underscores the broader impact of the nation’s economic crisis on global businesses and consumer markets.
