Prominent Nollywood filmmaker, Niyi Akinmolayan, has revealed that the exit of major international streaming platforms like Netflix and Amazon Prime from the Nigerian market is due to the sharp devaluation of the naira.
Speaking during a Channels Television Youth Forum titled Pressing Issues Affecting Nigeria’s Youth, Akinmolayan said the platforms’ decision was triggered by the economic challenges brought on by recent government policies.
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| Nollywood filmmaker, Niyi Akinmolayan |
These include the removal of fuel subsidy and the unification of multiple foreign exchange rates under the Importer and Exporter (I&E) window, which led to a rapid decline in the naira’s value.
“When the big streamers pulled out—Netflix, Amazon—we, the filmmakers, just woke up to emails and were shocked,” Akinmolayan shared. “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?”
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According to Akinmolayan, streaming deals once provided steady income for Nollywood producers, but that source of revenue has now dried up. The platforms, he noted, found it economically unviable to continue paying licensing fees in naira after its steep fall against the dollar.
“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,” he added. “And sadly, the government didn’t do anything to cushion the impact.”
Akinmolayan also criticized the lack of dialogue between the government and creative industry players. He argued that without institutional support and economic policies that protect the entertainment sector, Nigerian content creation is at risk.
His comments have reignited conversations on how Nigeria’s economic direction is affecting its global creative footprint and the viability of Nollywood in the international market.
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Entertainment