Niyi Akinmolayan, a well-known Nigerian filmmaker, has linked the withdrawal of major streaming platforms like Netflix and Amazon from the Nigerian film industry to the steep decline of the naira. He shared this during a recent appearance on Channels Television’s Youth Forum, where he discussed current challenges affecting young people in the country.
According to Akinmolayan, the platforms’ exit came as a shock to many in the industry. Filmmakers received abrupt emails from the streamers, announcing their departure. He questioned how companies that are taxed by the government could pull out without any prior engagement or warning from authorities.
He pointed to the federal government’s economic decisions—particularly the removal of the fuel subsidy and the unification of foreign exchange rates under the Importer and Exporter (I&E) window—as the root cause. These policies triggered a sharp drop in the value of the naira, making it financially unsustainable for international platforms to maintain operations in Nigeria.
Previously, many filmmakers relied heavily on licensing deals from these streamers as a steady revenue source. Now, with that income gone, Akinmolayan said the industry is facing a major shake-up. He expressed concern that the government has yet to offer any form of support or even engage with creators to address the impact of these changes on the local film scene.
Akinmolayan emphasized that the lack of communication and support has left many in Nollywood feeling abandoned, at a time when international collaboration and investment are most needed.
