The popular on-demand movies streaming platform, Netflix, has decided to abandon the Nigerian market, as the countrys economy records further collapse, according to recent inflation data from the National Bureau of Statistics, (NBS).
Officials at the major on-demand movies channel yesterday said the worsening economic situation under President Bola Tinubu made the decision inevitable.
According to an official who spoke to newsmen on condition of anonymity, pending an official announcement, Were exiting the Nigerian market. Weve lost too many paying subscribers, and the exchange rate of naira against the American dollar also did not help us in any way.
The development came barely six years after Netflix entered Africas largest economy, with the production of Lionheart, which was touted as heralding a new era of high-quality cinema production in the country.
Since 2018, the Nigerian Nollywood industry has cheerfully embraced Netflix, which helped spread Nigerias creative work to a global audience.
Although the company has also reported a downward trend in subscriptions in other markets, it has persevered until now, with Nigeria appearing to be the first major country to lose the premium entertainment the U.S.-based company offers.
