Prominent Nollywood filmmaker Niyi Akinmolayan has attributed the recent exit of major international streaming platforms, such as Netflix and Amazon, from the Nigerian market to the sharp devaluation of the naira.
Akinmolayan claimed during an appearance on Channels Television’s Youth Forum, themed “Pressing Issues Affecting Nigeria’s Youth,” on Thursday.
The filmmaker linked the streaming giants’ withdrawal to the economic impact of President Bola Tinubu’s policy reforms, which included removing the fuel subsidy and unifying multiple foreign exchange windows. These moves caused a significant depreciation of the naira, making Nigeria a less financially viable market for foreign investors.
“When the big streamers pulled out of the market—the Netflix and Amazons—we filmmakers just woke up to emails,” Akinmolayan said. “This isn’t just about random companies; these are major platforms that the government taxes. Yet, the government appeared completely unaware of these developments.”
He explained that many Nigerian filmmakers relied on licensing deals with these platforms as a steady source of revenue. Their departure, he said, has severely disrupted the industry’s business model.
“Typically, people make films knowing there’s a revenue stream down the line. That’s now gone,” he added. “The reason they left is largely because of the devaluation of the naira. It didn’t make sense for them to keep paying licensing fees at those rates.”
Akinmolayan also criticized the government for failing to consult with or support creators during this transitional period, saying the administration has not engaged with the industry to understand its challenges or needs.
“The government isn’t asking the right questions. They’re not talking to creatives to figure out what’s needed to sustain and grow this industry,” he said.
His remarks come amid growing concerns within Nollywood about dwindling international support and a lack of robust local infrastructure to sustain the industry’s growth.
