E-Business
e-Commerce Bridging Fashion Industry Commercialization Gap-Experts
![(L-r): Lisa Folawiyo, Deola Sagoe, Tara Durotoye, Dayo Eweje, and Funmi Daniel, who sat on the e-Commerce fashion panel hosted by Lagos Business School, recently.](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2014/06/Ecommerce Fashion Panel 2.jpg)
Projecting into the future of the already fast growing Fashion industry in Nigeria, the Lagos Business School organized African Lions arising event, featuring Nigeria’s foremost Fashion figures.
The panel which hosted Tara Fela durotoye, Deola Sagoe, Lisa Folawiyo, Dayo Eweje & Funmi Daniel, head of Fashion Jumia Nigeria, believes to the fact that e-commerce is bridging the Nigeria’s fashion industry commercialization gap.
The Panel discussed issues the African Fashion industry was facing from the onset with experiences from Fashion pioneers such as Deola Sagoe starting as far back as 25 years ago.
The industry has since grown into a world-class market that has shown so much potential with great pieces being showcased on different Runways around the world.
The industry is lacking behind compared to the western market in commercialization because of the low acceptance of retail fashion in Nigeria.
It has been a hindering factor for the industry with pioneers such as Deola Sagoe who stated that ‘There is no retail culture for fashion in Africa, this affects the growth of the fashion industry’
During the Fashion Panel, Dayo Eweje of David Wej stated that He has gone from being a fashion designer to being a retailer especially with Ecommerce which has helped to increase sales to 1000 units and double his production monthly.
Thus, with the intervention of Ecommerce he now has a clear vision for the David Wej Brand.
“For the fashion industry to have a structure we need to combine creativity with commercialization, this has to be our strategy moving forward,” Lisa Folawiyo stated during the fashion Panel.
Currently to survive in the Nigerian fashion industry, you need to pay attention to what the market wants and respond with interesting and valuable offerings.
It is demand and supply like all other industry but the future remains retail for the fashion industry.
Funmi Daniel, head of Fashion Jumia added that, “Ecommerce has given the industry a platform to exist by showcasing products online and reaching out to millions of people yet still covering all logistics end of the business.
“Asides reducing the cost of operations, Jumia also appreciates the value of the fashion market, thus investing heavily in various initiatives such as the launch of our ‘By Naija’ store to promote local fashion amongst many others initiatives. This is a solution to the growth problem in the fashion Industry and Jumia has provided this for Nigerian brands such as David Wej, House of Tara, 24, Scup woman, Zaron and many more.
E-Business
Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Eric-Schmidt.jpg)
Eric Schmidt, former Google CEO has expressed concerns about the extreme risks posed by artificial intelligence (AI) falling into the hands of terrorists or rogue states.
![Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands](https://i0.wp.com/www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Eric-Schmidt.jpg?resize=573%2C254&ssl=1)
Eric Schmidt, former Google CEO
He warned that nations such as North Korea, Iran, and Russia could adopt AI technologies to develop weapons capable of causing significant harm, including biological weapons.
Schmidt urged governments to oversee private tech companies, emphasising, “The real fears I have are not the ones most people discuss about AI, I talk about extreme risk.”
“I’m always worried about an ‘Osama Bin Laden’ scenario, where truly evil individuals take control of some aspect of modern life to harm innocent people,” he added.
With private companies driving AI advancements, he stressed the need for careful government monitoring and regulation. “It’s really important that governments understand what we’re doing and keep their eye on us,” he said.
His remarks followed a two-day AI summit in Paris, where the UK and the U.S. declined to sign a communiqué outlining the future direction of AI. The declaration on “inclusive and sustainable artificial intelligence for people and the planet” was endorsed by 57 countries, including India, China, the Vatican, the EU, and the African Union Commission.
The UK justified its decision, stating that the agreement lacked “practical clarity” on global AI governance and national security concerns.
Schmidt supports U.S. export controls restricting the sale of advanced AI microchips to certain countries, aiming to slow adversaries’ progress in AI research.
He also highlights the importance of international collaboration on AI safety, suggesting that cooperation with nations like China is essential to addressing global AI challenges.
E-Business
OpenAI CEO Rejects $97.4Bn Takeover Bid from Elon Musk
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Open-AI.jpg)
Sam Altman, chief executive of ChatGPT-owner OpenAI, has firmly declared the company “not for sale” following a $97.4bn (£78.4bn) takeover bid from a consortium led by Elon Musk.
![OpenAI CEO Rejects $97.4Bn Takeover Bid from Elon Musk](https://i0.wp.com/www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2022/04/Elon-Musk.jpg?resize=563%2C229&ssl=1)
Elon Musk
Speaking at the AI Action Summit in Paris, Altman emphasised OpenAI’s mission to develop AGI (artificial general intelligence) for the benefit of humanity.
Marc Toberoff, attorney for Elon Musk, confirmed the bid submission on Monday.
In response, Altman humorously offered to buy Twitter for $9.74 billion on Musk’s platform.
Unlike many tech giants, OpenAI is not publicly traded but operates through a complex partnership between non-profit and for-profit entities.
Musk aims to return OpenAI to its non-profit roots, despite owning a rival firm, xAI.
Christie Pitts, a tech investor, expressed scepticism about Musk’s intentions, noting his competitive interests.
Altman echoed this sentiment, suggesting Musk’s move disregards OpenAI’s mission.
Altman, who holds no stock in OpenAI, advocates transforming the organisation into a fully for-profit company to raise more funds for AI research.
Although the board has the final say, the $97.4bn offer falls short of OpenAI’s previous $157bn valuation and rumoured $300bn in future funding talks.
Toberoff stated the consortium might increase their bid. Meanwhile, OpenAI is collaborating with Oracle, a Japanese investment firm, and an Emirati sovereign wealth fund on “The Stargate Project,” a $500 billion AI infrastructure initiative announced by President Donald Trump.
E-Business
Adobe Launches AI Video Tool to Compete with OpenAI
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2025/02/Adobe-logo.jpg)
Adobe yesterday released the first public version of an artificial intelligence tool that can generate video clips and revealed how much it will charge, but said it will not set pricing for major users such as studios until later this year.
The Firefly Video Model, as Adobe is calling the service, will compete against Sora, a model developed by ChatGPT creator OpenAI, and startup Runway, both of which currently offer video-generation services. Facebook owner Meta Platforms has also developed a video-generation AI model but has not given a timeline for when it will be released.
Adobe’s model differs from its rivals because it is geared toward generating clips that will fit into how film and television studios use Premiere Pro, its flagship video editing software.
To that end, many of the features that Adobe is emphasizing revolve around feeding existing shots into the video model and asking it to generate clips that fix or expand on shots that were taken on a real production set but that did not come out quite right.
Adobe said the service will generate five-second clips at 1080p resolution. While that is shorter than the clips of up to 20 seconds generated by OpenAI’s service, Adobe executives said the majority of individual clips in most productions are only three seconds.
Adobe said a user can generate 20 clips per month for $9.99 and 70 clips for $29.99. That compares with 50 videos for $20 per month with OpenAI’s plan at lower resolution and a $200 OpenAI plan that can handle longer, higher resolution videos.
Adobe is also working on a “Premium” pricing plan for studios and other high-volume video users and will release those pricing details later this year. Alexandru Costin, Adobe’s vice president of generative AI, said the company is working to generate 4K video and will remain focused on quality rather than longer clips.
“We actually think that great motion, great structure, great definition scheme, making the actual clip look like it was film, is more important than making a longer clip that’s unusable,” Costin told Reuters.
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