Netflix is not exiting Nigeria

On Wednesday, news about a possible exit of Netflix from the Nigerian market spread on the social platform, X, after a renowned Nigerian film maker Kunle Afolayan said the global streaming giant was decommissioning some movie projects. 

Afolayan, however, did not explicitly state that Netflix was exiting the Nigerian market, although his remarks will rightly drive speculation that the streaming platform is retreating from the country. 

In a statement sent to TechCabal, a Netflix spokesperson reaffirmed the company’s commitment to Nigeria. “We are not exiting Nigeria. We will continue to invest in Nigerian stories to delight our audience,” the company stated. 

The spokesperson did not immediately address Afolayan’s claims about canceled projects.

It’s no surprise that the rumour spread quickly. In January 2024, Amazon Prime, another major streaming service, discontinued its support for African content one year after a huge marketing campaign and publishing a slate of original Nigerian shows.

Still, Wednesday’s conversation and social media reactions highlight growing uncertainty around Netflix’s long-term strategy in Nigeria, where rising inflation and currency devaluation have pressured consumer spending power.

Netflix has struggled to capture a large share of Nigeria’s competitive streaming market, which is dominated by the more affordable Showmax, a streaming service operated by MultiChoice. Netflix, currently priced at ₦7,000 ($4) per month, remains a luxury for many Nigerians, especially as inflation and naira devaluation erode purchasing power.

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All is not fair in business. Lawsuits and arrests are messy in the corporate world. Worse if it involves a chief executive.

The recent arrest—and later release—of Savannah Clinker’s CEO Benson Ndeta, has complicated the company’s plan to acquire majority shares in Kenya’s Bamburi Cement, a struggling Kenyan cement maker, in one of the most tightly-contested acquisition deals in the country.

Ndeta was arrested and tried on the allegations that he fraudulently obtained a $35 million loan from Absa Bank eight years ago.

Savannah Clinker, which made an improved bid to buy Bamburi in August 2024, has now pulled out of the two-legged race with Tanzania’s Amsons Group. Kenya’s Capital Markets Authority (CMA) announced on Wednesday that the former is withdrawing its $197.2 million bid to buy 100% shares in Bamburi.

The company didn’t want to risk any public scrutiny. It also asked for time to carry out internal due diligence on the allegations.

On October 18, Savannah Clinker reassured shareholders that it wasn’t making a shell offer. It listed Faida Investment Bank’s backing and other “sufficient resources” would cover the maximum amount payable under its offer.

At KES76.55 ($0.54) per share, Savannah Clinker offered more money than Amsons Group, which could have been a key consideration as shareholders cast their votes. Bamburi planned to reveal how they voted by December 20, 2024, with the new owners being announced in 2025.

But with Savannah Clinker off the bid table, Tanzania’s Amsons Group has a clear pathway to owning 100% shares in Bamburi, marking the family-owned conglomerate’s entry into Kenya.

Amsons could delist Bamburi from Nairobi’s capital market to operate privately and revive the business.

Swiss company Holcim Group, a majority shareholder in Bamburi Cement, still receives its payout. But minority shareholders, who saw Savannah’s offer as the more financially viable option, will be reeling from this loss.

Presidential trips to Africa are rare enough that they always matter. As US president, Joe Biden, rides out his last days in office, his visit to Angola is crucial to restoring US waning influence on the continent. 

Biden’s visit to Angola kickstarted new financing for a railway project in the Lobito Corridor, a strategic trade route that connects the resource-rich Democratic Republic of Congo (DRC) and Zambia to Angola.

The new $600 million commitment adds to the US previous $550 million loan to start the project. The African Development Bank and the Africa Finance Corporation also contributed to the project. 

The railway project will allow for the faster export of cobalt and copper, among other minerals—needed for EV batteries—mined from the DRC’s Kolwezi mining town, to the West.

The DRC is one of the world’s largest producers of copper and cobalt. The minerals are key components of batteries that power electric vehicles, which the US and EU are eager to develop more of as demand for clean energy supply chains grows.

The project is also important as the US tries to salvage its waning influence in Africa, even as China—through infrastructure lending—and Russia strengthen their bonds with several African countries. Africa’s abundant natural resources, coupled with its burgeoning population and substantial voting bloc in the United Nations, makes it an important strategic player.