- This topic has 3 replies, 3 voices, and was last updated 2 weeks, 2 days ago by
.
-
-
Netflix is pulling out of Nigeria after six years, citing the country’s worsening economic crisis under President Bola Tinubu’s administration, Peoples Gazette reports.
An official from the global streaming giant, speaking anonymously ahead of a formal announcement, confirmed the decision on Wednesday. “We’re exiting the Nigerian market,” the official said. “We’ve lost too many paying subscribers, and the exchange rate of the naira against the U.S. dollar also did not help us in any way.”
This move comes as the National Bureau of Statistics recently reported dire inflation figures, further highlighting Nigeria’s economic challenges. The situation has made it increasingly difficult for businesses to remain viable in Africa’s largest economy.
Netflix entered the Nigerian market in 2018 with the production of Lionheart, a groundbreaking project that was celebrated for elevating Nollywood to global standards. Over the years, the platform has played a crucial role in promoting Nigeria’s creative industry, bringing Nollywood to a worldwide audience and raising the bar for cinema production in the country.
Despite a general decline in subscriptions in other markets, Netflix had managed to sustain operations globally until now. Nigeria, however, has become the first major market to lose the premium streaming service, marking a significant setback for both local audiences and the Nollywood industry.
The departure underscores the challenges businesses face in navigating Nigeria’s current economic climate, with rising inflation and currency devaluation taking a toll on consumer spending power.
-
-
- You must be logged in to reply to this topic.