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Expanding Internet Connectivity to Boost Domestic e-commerce Growth

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In the recent decade, the internet has significantly impacted the Nigerian business environment. Almost every household in major Nigerian cities has someone running a successful internet-based business. The ever-increasing volume of e-commerce activities attests to the widespread impact.

Thousands of retail businesses would not exist today if it weren’t for the internet and e-commerce. Increased internet usage has opened up new opportunities for entrepreneurship and employment across the country.

“According to a recent poll, 30-40% of our vendors indicated Jumia was where they started their business. Some sellers came to Jumia to expand their business,” said industry leader and Jumia Nigeria Chairwoman Juliet Anammah.

There’s still a lot more ground to cover in comparison to the overall goal. According to an Accenture analysis on Africa iGDP Forecast, the continent’s internet economy has the potential to contribute $180 billion by 2025, with a projected increase of up to $712 billion by 2050. The fact that companies in the internet sector, in general, have outperformed other sectors of the economy shows a pattern for the same.

According to the National Bureau of Statistics’ (NBS) recently released telecoms report, the number of Internet subscribers in Nigeria increased by 14.03 million in the fourth quarter of 2021 to 154.3 million, up from 140.28 million the previous quarter. Lagos, Kano, and Ogun State lead the way with 37.61 million subscriptions as of December 2021.

Industry experts have stressed that the major hurdle to enhancing internet connectivity in the country is building subsea cables, as there has been a shortage of fibre links and transmission.

The Ministry of Communication and Digital Economy has confirmed plans to roll out a 5G network across the country by 2022. This is expected to bridge the infrastructure gap further, as more cables will be laid, which will lead to increased e-commerce activity in the country.

E-commerce-based businesses have been leading drivers of growth and diversification of Nigeria’s economy in the last decade. The sector is boosting the economy by increasing productivity, promoting innovation, improving knowledge management, educating customers and providing better shopping experiences.

According to the International Trade Administration, the current e-commerce spending in Nigeria is estimated at $12 billion and is projected to reach an impressive $75 billion in revenues per annum by 2025.

While the major states are gaining more internet access, it is important to penetrate the secondary and rural communities. Investment in internet penetration to these communities will bring more Nigerians into the business world and propel the country towards achieving its 2030 digital economy projections.


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E-Business

Schmidt, Ex Google Chief Says AI Risky in Terrorist Hands

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Eric Schmidt, former Google CEO
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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

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.

 

 


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OpenAI CEO Rejects $97.4Bn Takeover Bid from Elon Musk

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Sam Altman, chief executive of ChatGPT-owner OpenAI
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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

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.

 

 

 

 


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Adobe Launches AI Video Tool to Compete with OpenAI

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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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