Netflix and Amazon Abandoned Nollywood Due to Naira Devaluation, Says Filmmaker Niyi Akinmolayan

Nollywood filmmaker Niyi Akinmolayan has linked the departure of international streaming giants like Netflix and Amazon from the Nigerian market to the naira’s devaluation.

Speaking on Channels Television’s Youth Forum, themed “Pressing Issues Affecting Nigeria’s Youth,” Akinmolayan said current economic policies have diminished the attractiveness of Nigeria’s market to major streaming services.

He pointed to President Bola Tinubu’s removal of the fuel subsidy and the unification of multiple foreign exchange rates under the Importer and Exporter (I&E) window as key factors behind the sharp depreciation of the naira, which he believes led to the exit of these platforms.

“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 once relied heavily on revenue from streaming platforms, but that source of income has now disappeared.

“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 content creators to understand their needs or provide support for sustainable industry growth.