“Why Netflix & Amazon Left Nigeria” — Filmmaker Niyi Akinmolayan Blames Economic Policy and Naira Crash
Renowned Nollywood director and producer Niyi Akinmolayan has revealed the real reason behind the sudden pullout of global streaming giants Netflix and Amazon from Nigeria—and it's a sobering indictment of the country’s current economic trajectory.
Speaking on Channels Television’s Youth Forum during a session themed "Pressing Issues Affecting Nigeria’s Youth," Akinmolayan pointed squarely to the naira’s devaluation and lack of government foresight as the primary culprits behind the streaming exodus.
“We, the filmmakers, just woke up to emails and were shocked. 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?” Akinmolayan asked.
💸 Devaluation = Decline
The sharp depreciation of the naira—triggered by President Bola Tinubu’s fuel subsidy removal and foreign exchange unification—has had cascading effects on the economy. But few expected it would hit the entertainment industry this hard.
“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,” Akinmolayan explained.
🎬 A Crumbling Revenue Model
For many Nigerian filmmakers, streaming deals were once the lifeblood of the industry—offering creators global exposure, creative freedom, and income stability. With platforms like Netflix and Amazon reportedly scaling back or freezing local investments, an entire ecosystem has been disrupted.
“That income stream has vanished,” Akinmolayan lamented. “And sadly, the government didn’t do anything to cushion the impact.”
📉 Opinion: A Wounded Industry Left to Bleed
Let’s be clear—this isn’t just about movies. This is about jobs, culture, global image, and youth opportunity.
Nollywood is Africa’s biggest film industry, employing thousands of young creatives across tech, production, storytelling, and marketing. Its collapse—if unchecked—will be a blow to Nigeria’s soft power and economic diversification efforts.
❗The Real Issue? A Disconnect Between Policy and People
What’s most worrying is Akinmolayan’s claim that the government didn’t even engage stakeholders before or after these economic reforms. If true, it suggests a troubling disconnect between economic policy and cultural development.
✊ What Needs to Happen?
Dialogue: The government must open direct communication with creative industry stakeholders.
Intervention: Provide incentives or tax waivers to keep platforms in Nigeria.
Funding: Invest in homegrown streaming services and infrastructure.
Stability: Work toward currency stabilization to attract long-term international investment.
💬 The Voices Are Getting Louder
“If Nollywood dies, it won’t just be about losing films—it’ll be about losing identity.”
“No one is investing in chaos. Nigeria needs to prioritize economic clarity for its industries.”
“Other countries are courting streamers. We’re scaring them away.”
Niyi Akinmolayan’s warning shouldn’t be taken lightly.
Without urgent reforms, Nollywood’s global momentum could turn into a local crisis.
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