By Damilare Adeleye
Indications have emerged that Netflix is set to leave Nigerian market over dwindling economy.
Officials at the major on-demand movies channel told the press on Wednesday evening 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, 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 Nigeria’s creative work to a global audience.
