According to reports, popular streaming service provider, Netflix, has decided to leave Nigeria as the country’s economy suffers further collapse with recent inflation data from the National Bureau of Statistics.
Peoples Gazette reported that officials of Netflix told the outlet recently that the worsening economic situation made the decision inevitable.
While talking to Gazette under anonymity, an official said: “We’re exiting the Nigerian market. We’ve lost too many paying subscribers, and the exchange rate of naira against the American dollar also did not help us in any way.”
The development happened six years after Netflix entered Nigeria with the production of Lionheart, which was viewed as heralding a new era of high-quality cinema production in the country.
Nollywood has embraced Netflix since 2018 and this has helped in spreading Nigeria’s creative work to a global audience.
Though Netflix has reported a downward trend in subscriptions in other countries, it has persevered until now, with Nigeria looking to be the first major market to lose the premium entertainment the company offers.
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