Popular video streaming service, Netflix has announced its decision to exit the Nigerian market, citing the country’s worsening economic situation.
The streaming service has been operating in Nigeria since 2018, providing access to a wide range of movies, TV shows, and original content.
According to officials at Netflix, the company has been struggling to maintain its subscriber base in Nigeria due to the country’s economic downturn. The officials, who spoke on condition of anonymity, revealed that the decision to exit the Nigerian market was inevitable, given the current economic climate.
“We’re exiting the Nigerian market,” an official said. “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.”
Since its entry into the Nigerian market, Netflix has played a significant role in promoting Nigerian content, including movies and TV shows, to a global audience.