Global streaming giant Netflix is reportedly planning to leave the Nigerian market due to the country’s worsening economic conditions. This decision follows a sharp decline in paying subscribers and the negative impact of the naira's depreciation against the dollar, according to sources familiar with the matter.
An anonymous Netflix official confirmed the development to Peoples Gazette, saying, “We’ve experienced significant losses in paying subscribers, and the unfavorable exchange rate has made operations increasingly difficult. As a result, we’ve decided to exit the Nigerian market.”
The move marks a significant moment in Netflix’s relationship with Nigeria, which began six years ago with the production of Lionheart, the platform’s first original Nollywood film. This milestone was widely celebrated as a step forward for Nigerian cinema, bringing the industry to global prominence.
Netflix’s departure underscores the severity of Nigeria’s economic struggles, which have been exacerbated by rising inflation and other fiscal challenges under President Bola Tinubu’s administration. While the company has reported subscription declines in other markets, Nigeria is the first major economy to lose access to Netflix’s premium entertainment offerings, highlighting the broader implications of the country’s economic downturn.