Netflix has decided to abandon the Nigerian market as the country’s economy records further collapse with recent inflation data from the National Bureau of Statistics, Peoples Gazette can report.
Officials at the major on-demand movies channel told The Gazette 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.
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.
