Niyi Akinmolayan, a filmmaker in Nigeria, attributes the devaluation of the naira to the devaluation of the naira.
Akinmolayan made the claim on Thursday during a guest appearance on Channels Television’s Youth Forum’s “Pressing Issues Affecting Nigeria’s Youth.”
President Bola Tinubu reorganized multiple foreign exchange channels into a single Importer and Exporter (I&, E), resulting in a dramatic decline in the naira’s value.
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The main reason the streamers left, in Akinmolayan’s opinion, was the naira’s decision to devalue it. He also attributed blame to the government for ignoring the effects of these streamers’ withdrawal.
We as filmmakers simply woke up and saw emails from the big streamers as they left the Netflix and Amazons and said, “This isn’t just some random companies, the government is aware, the government tax these people, how come the government isn’t even aware of some of these changes because that significantly altered how we are doing the productions that we are doing”
People typically make movies because they are aware of the existence of a future revenue stream, but that has vanished. The government didn’t take any action to warn people that the reason they left was largely due to the devaluation of the naira and the fact that paying the price they are paying for the license became a big deal, according to Kinmolayan.
Source: Channels TV
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