Netflix has officially denied recent rumors suggesting that it plans to exit the Nigerian market. The streaming giant emphasized its ongoing commitment to investing in local content and serving its audience in Nigeria.

The speculation arose following comments made by Nigerian filmmaker Kunle Afolayan during the 2024 Zuma International Film Festival. Afolayan mentioned that Netflix had canceled several projects that were previously commissioned, which led to concerns about the company’s future in Nigeria. He noted that despite the global success of some films, Netflix seemed dissatisfied with their performance in the Nigerian market, stating, “Thank God we had shot seasons two and three… because all the other people that were commissioned with us at the same time were cancelled”.

In response to these concerns, a Netflix spokesperson clarified in a statement to TechCabal, “We are not exiting Nigeria. We will continue to invest in Nigerian stories to delight our audience”. This statement underscores Netflix’s long-standing relationship with Nigeria, which began in 2016. Since then, the company has invested over $23 million in the Nigerian film industry, supporting more than 250 local titles and co-productions, including notable films like Lionheart and King of Boys.

Despite facing challenges in a competitive market dominated by more affordable local services like Showmax, Netflix remains committed to its strategy in Nigeria. The company has been working to enhance its presence and adapt to the local market dynamics, even as rising inflation and currency devaluation impact consumer spending power.

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