In the wake of a worsening economic situation in Nigeria, Netflix has made the decision to pull out of the country. Recent inflation data from the National Bureau of Statistics has highlighted the economic collapse, prompting the major on-demand movies channel to abandon the Nigerian market.
A Netflix official, speaking on condition of anonymity, shared that the decision was driven by a loss of paying subscribers and unfavorable exchange rates between the naira and the American dollar. This move comes just six years after Netflix entered Nigeria with the production of Lionheart, which was seen as a landmark moment for quality cinema in the country.
Despite initially positive growth in subscriptions from the Nigerian market, the downward trend in recent years has led to the company’s exit. Netflix has been credited with helping to spread Nigerian creative work globally through its platform.
While Netflix has been facing subscription declines in other markets as well, Nigeria is the first major country to lose access to the premium entertainment offered by the U.S.-based company.