Netflix has decided to exit the Nigerian market due to the country’s worsening economic situation, accordingtoreports. The move comes as inflation continues to rise, with recent data from the National Bureau of Statistics highlighting a deepening economic crisis under President Bola Tinubu’s administration.
An anonymous Netflix official cited a significant loss of paying subscribers and the unfavorable exchange rate of the naira against the dollar as key factors behind the decision. “We’re exiting the Nigerian market,” the source confirmed, adding that an official announcement is yet to be made.
This decision marks the end of Netflix’s six-year presence in Nigeria, which began with the production of Lionheart, a film that symbolized a new era of high-quality Nigerian cinema.
