Global streaming platform Netflix has dismissed reports suggesting its exit from the Nigerian market, reaffirming its commitment to investing in Nigerian content and fostering the country’s vibrant film industry.
The rumors originated from remarks made by Nigerian filmmaker Kunle Afolayan at the 2024 Zuma International Film Festival. Afolayan revealed that Netflix had canceled several projects it had previously commissioned from unnamed filmmakers, fueling speculation about the company’s long-term plans in Nigeria.
“Three years ago, when we signed the three-film deal with Netflix, it was an exciting moment,” Afolayan said. He noted that despite the global success of the films, Netflix appeared dissatisfied with their financial returns in Nigeria.
“Thank God we had already shot seasons two and three [of Anikulapo] because many others commissioned alongside us were canceled,” Afolayan added. However, he did not explicitly state that Netflix was planning to leave the Nigerian market.
The speculation gained traction due to a similar move by Amazon Prime, which exited Nigeria in January 2024 after launching with a major marketing push and original local productions.
Addressing the rumors, a Netflix spokesperson said “We are not exiting Nigeria. We will continue to invest in Nigerian stories to delight our audience.”
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While the company did not comment directly on Afolayan’s claims regarding canceled projects, the uncertainty surrounding Netflix’s strategy in Nigeria has sparked concern. Rising inflation and a weakening naira have reduced consumer spending power, making it challenging for premium-priced services like Netflix to gain traction.
Netflix, currently priced at ₦7,000 ($4) per month, faces stiff competition from more affordable local streaming services like Showmax, operated by MultiChoice, which dominates Nigeria’s market. With inflation continuing to strain household budgets, Netflix’s pricing model could limit its appeal to a broader Nigerian audience.
Since entering Nigeria in 2016, Netflix has made significant investments in the country’s film industry. It has spent over $23 million on licensing over 250 local titles, co-productions, and original content. Iconic films like Lionheart, The Wedding Party 2, and King of Boys are among its notable offerings. The platform has also signed multi-title deals with leading Nigerian filmmakers, including Mo Abudu’s EbonyLife Productions and Kunle Afolayan, whose three-film agreement included an adaptation of Sefi Atta’s Swallow.
Netflix has forged a strong partnership with Nollywood, solidifying its presence in Nigeria since its entry into the market in 2016.
The collaboration began with Netflix acquiring distribution rights to popular Nigerian films and later progressed to producing original content, including Lionheart, directed by Genevieve Nnaji. This movie marked Netflix’s first original production from Nigeria.
In a report released last year, London-based research firm Omdia highlighted that Nigeria represents only 10.5% of Netflix’s African subscriber base, with South Africa leading significantly at 73.3%.
Netflix’s growth across Africa has been steady, with the platform reaching 1.6 million subscribers on the continent over six years. Projections indicate that this number could grow to 2.2 million within the next five years, underscoring the platform’s gradual but promising expansion in the region.
