NAIRA DEVALUATION DROVE NETFLIX, AMAZON OUT OF NIGERIA — FILMMAKER NIYI AKINMOLAYAN
Nollywood filmmaker Niyi Akinmolayan has blamed the exit of international streaming giants like Netflix and Amazon from Nigeria on the country’s worsening economic climate, particularly the steep devaluation of the naira.
Speaking on Channels Television’s Youth Forum, themed Pressing Issues Affecting Nigeria’s Youth, Akinmolayan said the current economic policies under the Tinubu administration have rendered the Nigerian market unattractive to global streaming platforms.
He cited the aftermath of President Bola Tinubu’s economic reforms—especially the removal of fuel subsidies and the unification of the foreign exchange rate—as pivotal to the downturn. These policies led to a sharp depreciation of the naira, which Akinmolayan said disrupted key partnerships between filmmakers and streaming services.
“When the big streamers pulled out—Netflix, Amazon—we, the filmmakers, just woke up to emails and were shocked,” he revealed. “These aren’t just random companies; the government taxes them. So how is it possible that the government wasn’t even aware of these changes?”
The filmmaker emphasized how the loss of streaming partnerships has affected production models in Nollywood. According to him, licensing fees from these platforms had become a vital source of income for many in the industry.
“The reason they left is largely because of the naira devaluation. It no longer made financial sense for them to continue paying licensing fees at the previous scale. And sadly, the government didn’t do anything to cushion the impact,” he said.
Akinmolayan also expressed disappointment over the government’s lack of engagement with content creators, warning that without deliberate policy interventions, the creative sector risks stalling.
“There’s been no effort to meet with us, understand our challenges, or discuss how to support the industry moving forward,” he added.
The filmmaker’s comments add to a growing chorus of concern over the impact of Nigeria’s current economic direction on its creative and tech sectors.
