Netflix exits Nigeria amid economic challenges

Netflix has reportedly exited the Nigerian market.

The streaming giant’s departure is attributed to economic challenges and market barriers, which have made it difficult for the company to maintain profitability in the region.

Netflix’s presence in Nigeria was marked by the promotion of Nollywood globally through hits like _Oloture_ and _Blood Sisters_. However, with the company’s exit, concerns are being raised about the impact on Nollywood creators and viewers.

According to industry analysts, Netflix’s decision to exit the Nigerian market may be due to the country’s volatile exchange rates, soaring inflation, and economic uncertainty.

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The exit of Netflix from Nigeria may also be attributed to the growing influence of YouTube in the country.

As of January 2024, 28.5 million Nigerians were active YouTube users, representing 12.6% of the population and 27.7% of the country’s internet users.