Netflix has announced its decision to withdraw from the Nigerian market, citing the worsening economic conditions as a key factor.
The decision, disclosed by company officials on Wednesday evening, follows the recent inflation figures released by the National Bureau of Statistics, highlighting the country’s deepening economic challenges under President Bola Tinubu’s administration.
This marks the end of a six-year journey for Netflix in Africa’s largest economy. The streaming giant made its debut in 2018 with the production of Lionheart, a milestone project that promised to usher in a new era of premium cinematic content from Nigeria.
During its time in the country, Netflix played a pivotal role in showcasing Nollywood’s creative output to a global audience, garnering widespread appreciation for Nigerian storytelling.
However, despite its efforts, a steady decline in subscriptions, both in Nigeria and other markets, forced the company to take a hard look at its operations.
Nigeria now becomes the first major market to lose access to the premium streaming service, a development that underscores the severe impact of the nation’s economic downturn on businesses and consumer spending.
