Netflix has reportedly exited the Nigerian market as the country’s economy records further collapse.
Film maker Kunle Afolayan seemingly confirmed this as he revealed that Netflix has cancelled previously commissioned projects.
The streaming giant recently cancelled its Nigerian Originals and an executive reportedly cited cases where the film studios had no electricity and had to rely on generators on set.
Officials at the major on-demand movies channel said on Wednesday, Dec. 4, that the worsening economic situation under President Bola Tinubu made the decision inevitable.
“We’re exiting the Nigerian market,” an official said under anonymity, pending an official announcement. “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 development came barely six years after Netflix entered Africa’s largest economy with the production of Lionheart.
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.
