Netflix has introduced yet another round of subscription price increases in Nigeria, marking the third time in just 18 months that the global streaming leader has raised its rates in the country. This latest hike, announced in July 2024, reflects not only the rising operational costs driven by Nigeria’s economic instability but also the growing tension between service affordability and value for local subscribers.

Breakdown of New Subscription Prices

As of July 2024, Netflix subscribers in Nigeria began paying significantly more across all subscription plans:

• Premium Plan: Jumped from ₦5,000 to ₦7,000 monthly—a 40% increase

• Standard Plan: Rose from ₦4,000 to ₦5,500—up by 37.5%

• Basic Plan: Increased from ₦2,900 to ₦3,500—up 21%

• Mobile Plan: Soared from ₦1,200 to ₦2,200—an 83% jump

This spike came just three months after a prior increase in April 2024, when Netflix raised its Premium Plan from ₦4,400 to ₦5,000 and the Standard Plan from ₦3,600 to ₦4,000. The Basic and Mobile Plans had also seen minor adjustments during that period.

The first wave of these increases began in April 2023, setting a trend that now seems to reflect an annual—or even bi-annual—pricing review.

Economic Pressures Driving the Changes

The repeated hikes coincide with Nigeria’s increasingly difficult economic conditions. The country’s inflation rate has escalated dramatically, rising from 8.5% in 2013 to 34.8% by mid-2025. The removal of fuel subsidies, currency devaluation, and rising import costs have led to broader inflationary pressures, affecting businesses and consumers alike.

For Netflix, operating in such a volatile environment means higher distribution, licensing, and content production costs. The company justifies the price hikes by citing the need to reinvest in service improvements and content quality. “We will occasionally ask our members to pay a little more so that we can reinvest to further improve Netflix,” the company explained in a release.

Consumer Backlash and Budget Constraints

The cumulative effect of these price hikes has placed Nigerian households under even more pressure. Many subscribers, especially those on the Mobile Plan, are now questioning the affordability of the service. With inflation cutting deeply into disposable incomes, streaming entertainment has become a luxury for many families.

Subscribers have taken to social media and online forums to voice their concerns, calling on Netflix to either reduce prices or offer better value through richer local content and technological upgrades.

Reduced Commitment to Nigerian Content

Adding to the frustration is Netflix’s noticeable shift away from local content development. According to Nollywood filmmaker Kunle Afolayan, the platform recently canceled several commissioned Nigerian film projects due to what appeared to be underwhelming returns from its investments in the region. Afolayan noted that only his own project, “Anikulapo,” survived the cull because parts of it had already been shot.

“Thank God we had shot seasons two and three because all the other people that were commissioned at the same time were canceled,” Afolayan said during the 2024 Zuma International Film Festival.

While Netflix publicly denied exiting Nigeria, stating, “We will continue to invest in Nigerian stories to delight our audience,” its scaled-back operations suggest a reduced appetite for local content, at least in the short term.

Stiffer Competition from Local Platforms

Netflix also faces mounting competition from more affordable regional services such as Showmax, operated by MultiChoice. Showmax has received considerable investment recently to improve its streaming capabilities and expand its catalog, offering a compelling local alternative at lower price points.

This competitive pressure further complicates Netflix’s situation. To maintain a dominant market position, the company must navigate rising costs while also delivering content that resonates with Nigerian audiences. However, pulling back from local productions could hurt long-term engagement in a market where cultural relevance often drives viewership.

Changing Landscape in Nigerian Streaming

Nigeria’s streaming market is evolving rapidly. As access to smartphones and mobile internet grows, more Nigerians are embracing digital entertainment. However, the country’s economic instability threatens to limit this growth.

Netflix’s aggressive pricing strategy risks alienating cost-sensitive users unless it is matched with visible improvements in service, exclusive content, or added features. Without these, the company may struggle to justify its fees to a user base facing shrinking real incomes.

Additionally, while live events and sports streaming have been introduced to attract a wider audience, these offerings may not be enough to offset frustrations over the price hikes and the apparent pullback from local storytelling.

Looking Ahead: What Netflix Must Consider

For Netflix to maintain its foothold in Africa’s largest economy, it will need to rethink how it balances revenue goals with market realities. That includes:

• Reinvesting in Local Content: To maintain cultural relevance and brand loyalty

• Exploring Tiered Plans or Discounts: Especially for students and low-income users

• Improving Technology and User Experience: To offer better streaming quality, even on low-bandwidth connections

Ultimately, whether Netflix can grow its Nigerian subscriber base will depend on how it responds to the dual pressures of economic instability and rising consumer expectations. The company’s future in Nigeria may well hinge on whether it sees the region as a long-term strategic market or a short-term experiment.

Conclusion

Netflix’s repeated price hikes in Nigeria have highlighted the tightrope the company walks between profitability and accessibility. While inflation and operational costs justify some increases, the lack of renewed investment in local productions and the rising cost to subscribers have fueled doubts about the company’s commitment to the Nigerian market.

In a country where entertainment serves as both a cultural anchor and an escape from economic hardship, Netflix will need to do more than raise prices. It must prove its value—not just through global hits, but by championing Nigerian voices and offering content worth the cost.