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Trump Strikes with Tariffs, Nigeria Stands Down 

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President Donald Trump
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By Lukman Otunuga, Senior Market Analyst at FXTM

On Wednesday 9th April, US reciprocal tariffs go into effect on numerous countries including Nigeria.

President Donald Trump

Washington has slapped 14% tariffs on the country’s exports, but Nigeria’s government has decided to stand down on any retaliation. It remains to be seen whether this was a strategic move to prevent further tariffs from the United States. Nevertheless, these tariffs may impact growth given how Nigeria’s exports to the US have ranged between $5-6 billion annually. 

One could argue that Nigeria is somewhat insulated given how over 90% of exports are comprised of crude oil and gas products. Nevertheless, growing concerns around Trump’s trade war tipping the global economy into a recession is a major risk for emerging markets.

Beyond trade developments, Nigeria remains exposed to volatile oil prices. Last week, Brent and WTI both recently logged their steepest weekly losses in over a year. Oil prices remain pressured by deepening trade tensions and OPEC+ announcing an unexpectedly large supply boost. Crude oil has shed over 13% this month, dragging year-to-date losses closer to 15%. Such a development may complicate the government’s ability to implement the 2025 budget based on oil prices at $75 a barrel. 

The sharp selloff in oil could mean more pain for the Naira which is among the worst performing emerging market currencies. Naira has shed 4% year-to-date versus the dollar and may extend losses if lower oil translates to falling foreign exchange reserves. 

On the data front, Nigeria will reveal its latest inflation figures in mid-April. Back in February, the annual inflation rate dropped to 23.2% to its lowest level since June 2023 while food inflation also cooled to 23.5% – its lowest rate since September 2022. While the decline in CPI has been attributed to a technical adjustment, further signs of cooling price pressures could spark discussions around potential CBN rate cuts in the second half of 2025.  


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NFVCB Boss Urges Stronger Distribution Channels @ Coal City Film Festival 2026

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Dr.Shaibu Husseini, the Executive Director/Chief Executive Officer of the National Film and Video Censors Board (NFVCB), has called for stronger distribution frameworks within Nigeria’s film industry to ensure that locally produced content achieves global visibility.

He urged film festivals across the country to evolve beyond networking platforms into active marketplaces where filmmakers could secure distribution deals. He stressed that festivals must attract distributors, exhibitors, streaming platforms, and marketers to create tangible opportunities for filmmakers.

Husseini made this call while delivering the keynote address at the opening ceremony of the 2026 edition of the Coal City Film Festival held in Enugu.

“Film festivals must become gateways to distribution where filmmakers leave not just with applause, but with real opportunities,” he said.

Husseini expressed personal delight at hosting the event in Enugu, his birth state, noting the city’s rich cultural heritage and longstanding contribution to Nigeria’s creative landscape.

He commended the festival organisers, particularly the Festival Director, Uche Agbo, for their resilience and commitment in sustaining the

initiative. According to him, the Coal City Film Festival has grown into a significant cultural platform and a must-attend cinematic event in South East Nigeria.

Speaking on the festival’s theme, “Local Stories, Global Screens,” Husseini emphasised the importance of authenticity in storytelling. He noted that films rooted in local realities, languages, and cultural truth often resonate more strongly with global audiences.

He cited notable Nigerian productions such as King of Boys by Kemi Adetiba, The Wedding Party by Mo Abudu, Anikulapo by Kunle Afolayan,

“Black Book” by Editi Effiong, and “Lionheart” by Genevieve Nnaji as examples of culturally grounded stories that have gained international recognition on platforms such as Netflix and at global film festivals.

While acknowledging the growth in film production across Nigeria, the NFVCB boss identified distribution as a major bottleneck in the industry. He observed that many high-quality films struggle to reach audiences both locally and internationally due to limited distribution channels.

Reaffirming the Board’s commitment to industry development, Husseini stated that the NFVCB has continued to reposition itself as a partner in progress by engaging stakeholders, improving classification processes, and promoting a balance between creative freedom and social responsibility.

However, he raised concerns over increasing non-compliance with regulatory requirements, noting that some filmmakers bypass the Board by releasing unclassified films or operating without proper licensing.

He said all films and video works must be submitted to the NFVCB for classification and registration before being released on any platform, including digital platforms such as YouTube.

“This is a legal obligation, and the Board will not hesitate to take decisive action against defaulters,” he warned, adding that regulation is essential for protecting the industry, audiences, and national values.

Looking ahead, Husseini assured stakeholders of the Board’s continued collaboration with filmmakers and festival organisers to build a structured, sustainable, and globally competitive Nigerian film industry.

He concluded by commending the organisers of the Coal City Film Festival for their vision and contribution to Nigeria’s cultural economy, urging filmmakers to continue telling authentic stories that can resonate across global screens.

 


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NBC Boss Urges Content Ceators to Participate in DSO

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Mr. Charles Ebuebu, director General of the National Broadcasting Commission (NBC), has called on Nigerian content creators to actively participate in the country’s Digital Switchover (DSO), describing the transition as a major opportunity for visibility, revenue growth, and industry collaboration.

NBC Boss Urges Content Ceators to Participate in DSO

Mr. Charles Ebuebu, DG, NBC

Speaking as Special Guest of Honour at the induction ceremony of the Electronic Media Content Owners Association of Nigeria (EMCOAN) in Lagos, Ebuebu stressed that the success of the DSO depends on engaging content to populate the nation’s new digital channels.

“Without content, the DSO’s success would be incomplete. We are urging content owners to collaborate with the Commission to ensure Nigeria’s digital future is rich, diverse, and sustainable,” he said.

The NBC boss highlighted that the upcoming FreeTV Direct-to-Home (DTH) platform, along with its mobile applications, would provide content creators with nationwide reach, advanced analytics, and brand partnership opportunities.

Nigeria’s DSO, which marks the shift from analogue to digital broadcasting, is being implemented by the NBC using the Nigcomsat satellite infrastructure. The programme aims to deliver over 100 nationwide channels and expand access to Nigerians in remote areas via hybrid decoders, addressing long-standing infrastructure and funding challenges. The project, which has experienced delays since 2012, now has strong government backing and is scheduled for launch in April 2026.

Ebuebu commended EMCOAN members for their contributions to strengthening Nigeria’s creative economy and encouraged them to leverage the opportunities offered by the DSO to promote local stories, culture, and creativity on both national and global stages.

During the ceremony, EMCOAN honoured its distinguished members, naming Wale Adenuga, MFR, as Grand Patron and Mr. Yinka Adebayo as Patron.

Prominent figures in the broadcasting content industry, including Wale Adenuga, Opa Williams, Agatha Amata, Jibe Ologeh, High Chief Emeka Ossai, Debbie Odetayo, Amina Mohammed, and Frank Elaboya, attended the event.

Representing the NBC at the event was Mr. Ralph Akpan, director of the Lagos Zone, while EMCOAN president, Mr. Adeniji Omirin, MD of ADNOM Media, urged members to fully engage in the digital switchover.


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Canal+ to Cut Jobs as Part Sweeping Restructuring

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Canal+ is to cut jobs at MultiChoice as part of a sweeping restructuring plan aimed at stabilising the African pay-TV operator, following years of operational and financial pressure.

Canal+ to Cut Jobs as Part Sweeping Restructuring

The move comes alongside a planned $115 million capital injection, underscoring the urgency of efforts to revive the business after the French media group took control.

The planned layoffs are expected to form a core element of a broader cost-cutting and efficiency drive, as Canal+ seeks to streamline MultiChoice’s operations and improve profitability.

The restructuring signals a shift toward leaner operations, with a focus on eliminating redundancies and optimising the company’s cost base.

MultiChoice has struggled in recent years with declining subscriber numbers across key African markets, weighed down by macroeconomic pressures, currency volatility, and changing consumer behaviour.

The rise of global streaming platforms has intensified competition, chipping away at the company’s traditional pay-TV dominance.

Canal+’s intervention marks a pivotal moment for MultiChoice, reflecting a more aggressive approach to repositioning the business.

By combining fresh capital with structural reforms, the new owners are aiming to both stabilise short-term performance and lay the groundwork for longer-term growth.

The $115 million injection is expected to provide immediate financial relief, supporting operations and potential strategic initiatives.

However, the accompanying job cuts highlight the depth of the challenges facing the company and the scale of transformation required to restore competitiveness.


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