Nollywood filmmaker, Niyi Akinmolayan, has blamed the devaluation of the naira for the exit of international movie streaming platforms such as Netflix and Amazon from the Nigerian market.

According to him, the current economic policies have made the Nigerian market less attractive to the platforms.

Akinmolayan made this known when he appeared on Channels Television’s Youth Forum, themed Pressing Issues Affecting Nigeria’s Youth.

He said this two years after President Bola Tinubu abolished fuel subsidy and unified multiple foreign exchange rates under the Importer and Exporter (I&E) window.

The President's policies saw the naira experiencing a sharp depreciation, a situation Akinmolayan blamed for the exit of the 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.”

Further speaking, he lamented that the revenue from streaming has diminished, leaving filmmakers counting losses.

He said, “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 urged the government to engage with filmmakers and content creators to understand the situation and proffer a solution.

ASA