Friday, May 30, 2025 - Nollywood filmmaker, Niyi Akinmolayan, has attributed the exit of international movie streamers such as Netflix and Amazon from the Nigerian market to the devaluation of the naira.
Speaking as a guest on Channels Television’s Youth Forum,
themed Pressing Issues Affecting Nigeria’s Youth, Akinmolayan explained that
the current economic policies have made the Nigerian market less attractive to
major streaming platforms.
Following President Bola Tinubu’s decision to abolish the
fuel subsidy and unify multiple foreign exchange rates under the Importer and
Exporter (I&E) window, the naira experienced a sharp depreciation.
Akinmolayan believes this move is a key reason international platforms pulled
out.
“When the
big streamers pulled out—Netflix, Amazon—we, the filmmakers, just woke up to
emails and were shocked,” he said. “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? Their exit drastically changed how we now approach
production.
Akinmolayan added that filmmakers used to count on revenue
from streaming platforms, but that income stream has vanished
“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 also expressed frustration that the government has not
engaged with industry creators to understand their needs or offer support for
sustainable growth.
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