Netflix has reportedly pulled out of the Nigerian market as the country’s economic crisis deepens.
Filmmaker Kunle Afolayan appeared to confirm the news, revealing that Netflix has cancelled previously commissioned projects.
The streaming giant recently discontinued its Nigerian Originals, with an executive citing issues such as power outages on film sets, where studios were forced to rely on generators.
Officials from the major on-demand movie platform told The Gazette on Wednesday, December 4, that the decision was a result of Nigeria’s deteriorating economic situation under President Bola Tinubu.
“We’re exiting the Nigerian market,” an official said, speaking on condition of anonymity ahead of an official announcement. “We’ve lost too many paying subscribers, and the naira’s exchange rate against the American dollar also did not help us in any way.”
This move comes just six years after Netflix launched in Nigeria, beginning with the production of Lionheart.
