Netflix set to exit Nigeria amid economic hardship

Netflix is set to pull out of the Nigerian market as the nation grapples with economic instability, according to sources who spoke with News360 Nigeria.

The decision comes after the release of inflation data from the National Bureau of Statistics, highlighting a dire financial situation under President Bola Tinubu’s administration.

An anonymous Netflix official confirmed the development, citing significant subscriber losses and unfavorable naira-to-dollar exchange rates. “We’re exiting the Nigerian market,” the source revealed. “The economic conditions made it unsustainable.”

Netflix’s foray into Nigeria began in 2018 with the release of Lionheart, a milestone film that marked a new chapter for the country’s cinema industry.

The streaming giant’s partnership with Nollywood introduced Nigerian content to a global audience, boosting the industry’s international profile.

Despite a global dip in subscriptions, Netflix maintained operations in several regions.

However, Nigeria has become the first significant market where the company will halt services, signaling a major loss for the country’s entertainment sector.

The official announcement is expected soon, leaving Nollywood stakeholders and fans concerned about the future of local content on global platforms.