LAGOS, Nigeria – Netflix, the global streaming giant, has decided to leave the Nigerian market after six years, citing worsening economic conditions under President Bola Tinubu’s administration.
The decision, confirmed by officials speaking anonymously to Peoples Gazette, marks a significant blow to Nigeria’s entertainment industry, which has relied on Netflix to showcase Nollywood productions to a global audience.
“We’re exiting the Nigerian market,” an unnamed Netflix official told The Gazette in a report published on Wednesday, December 4, 2024.
“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 move comes as Nigeria faces rising inflation and economic instability, with recent data from the National Bureau of Statistics painting a grim picture of the country’s fiscal health.
Netflix officials pointed to these economic challenges, particularly the weakening naira, as key factors in the decision.
Impact on Nollywood
Netflix entered the Nigerian market in 2018 with the production of Lionheart, a film that was widely celebrated as a milestone for Nollywood.
Over the years, the platform has played a pivotal role in elevating Nigerian creative works to international audiences, solidifying Nollywood’s status as a global player in the entertainment industry.
The loss of Netflix represents a significant setback for Nollywood, which has benefited from the platform’s investment in high-quality productions and global distribution.
The decision has also sparked concerns about the broader implications for Nigeria’s creative economy, which relies on international partnerships to thrive.
While Netflix has faced subscription declines in several markets globally, Nigeria is the first major country to see the streaming service withdraw entirely.
Analysts suggest this could signal a growing trend as companies grapple with the economic impact of inflation and currency instability in emerging markets.
What’s Next for Nigerian Entertainment?
The departure of Netflix raises questions about the future of Nigeria’s entertainment industry, which has heavily leaned on the platform to reach global audiences.
Industry stakeholders are now looking for alternative platforms and partnerships to fill the void left by Netflix’s exit.
The announcement has also reignited criticism of President Tinubu’s economic policies, with some arguing that government action is needed to stabilise the naira and create an environment conducive to business.
As Netflix prepares its official announcement, the entertainment industry and its fans are left to reflect on the legacy of a partnership that reshaped Nollywood’s global presence, even as it comes to an abrupt end.
