International streaming giant, Netflix, is reportedly set to exit the Nigerian market due to economic challenges in the country.
The move comes according to reports by Peoples Gazette, following the release of recent inflation figures by the National Bureau of Statistics that shed light on the worsening economic situation.
A Netflix spokesperson, who asked to remain anonymous before the official announcement, cited a variety of reasons for the decision.
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“We’re exiting the Nigerian market,” the source disclosed. “We’ve lost a lot of paying subscribers, and the adverse naira-to-dollar exchange rate has made things even more difficult for us to operate.”
That would be a massive move as it marked a new milestone for Nigerian cinema with Netflix having come into Nigeria the last six years with the movie Lionheart. Since then, it has been an unbelievable catalyst for Nollywood through the international streaming giant’s massive distribution of its own products.
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While the company has seen declines in subscriptions in other markets, Nigeria is the first major economy to lose access to Netflix’s premium entertainment offerings, pointing out the impact of the economic difficulties in the country under President Bola Tinubu’s administration.
Since May 2023, when Tinubu assumed office as President of Nigeria, his economic policies have led to the exit of many companies from the country.
These policies have resulted in increased hardship and suffering for Nigerians.
