Netflix is scaling down funding for Nigerian films, citing the country’s economic struggles as a major factor. While the company denied rumours of complete exit from the Nigerian market as peddled by some local media, officials confirmed difficulties in maintaining operations due to inflation, a weakening naira, and reduced paying subscribers.
A Netflix insider revealed, “We are exiting the Nigerian market. We have lost too many paying subscribers, and the exchange rate of the naira against the dollar ($1=₦1,695) did not help us in any way.” Another source clarified that Netflix is now more selective about funding local content. “They are picking and choosing local content… still focused on the local stories coming out of Nigeria,” the source said.
Since its entry into Nigeria in 2016, Netflix has invested over $23 million in the country’s film industry, funding hits such as Lionheart, Blood Sisters, and King of Boys. Despite its success, the platform’s decision to cut back funding raises concerns about the impact on the local film industry amidst pressing economic challenges.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
