E-Business
How the Youth of Nigeria are Leading Africa to Brighter Future
![](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2022/04/Africa-story-image-1.jpg)
Africa is leading the way for global Bitcoin adoption and the rest of the world is getting a front row seat. In the last year, reports show that the market in Africa has grown over 1200% with countries like Kenya, South Africa and Nigeria ranking among the highest in grassroots adoption in the world.
Its widespread popularity is clear as Bitcoin fulfills both personal finance needs and entrepreneurial ventures, including remittance, e-commerce, payments, wealth preservation and social good.
At Paxful, we’re seeing the growth across the continent first-hand. With over 9M users and nearing 10M globally, much of the growth we’ve experienced has largely been driven by Africa – specifically the people of Nigeria.
Nigeria is Paxful’s largest country based on trade volume with over $760M traded just last year.
Breaking it down, in 2021, over 16,000 trades were completed across Nigeria each day – an impressive number that speaks to the high adoption rates in the country.
But at the source of this widespread adoption of Bitcoin is the youth of Nigeria.
Nigeria has one of the youngest populations in the world, with over 75% of its population under the age of 35. Highly entrepreneurial and resourceful, it’s no surprise that Bitcoin has flourished in the country.
There is an incredible amount of potential that exists in Nigeria that can help the economic success of not only the country, but of the continent as a whole.
By providing resources and education of the use cases of Bitcoin we can be a part of the solution and empower individuals to achieve financial freedom.
Paxful users Muyideen Sulaiman and Mubarak Sulaiman are prime examples of how the youth of Nigeria are innovating and finding new uses for Bitcoin in both their personal lives and careers. Living in Ilorin, Nigeria, the brothers started the P&F Network, a philanthropic organization that helps underserved communities in Nigeria by providing food and other resources. The brothers also run P&F Models Management, a modeling agency founded by the P&F Network.
For them, Bitcoin has been an important tool, providing an alternative source of income that allows them to invest in their business and do more work for the people they serve.
In working for both sectors and as traders on Paxful, Muyideen says that they complement each other. He shares, “Paxful has allowed me to rapidly transform my financial capability. The crypto space [has generated] income for me, which gives me more room to further boost the businesses and allows me to comfortably broaden our reach.”
The brothers’ adoption of Bitcoin has continued to have a ripple effect on their community. Currently, African modeling agencies face expensive transfer fees, especially when receiving payments from overseas.
Muyideen firmly believes that if agencies have options to pay in Bitcoin, payments could be made effortlessly across the world.
At their agency, Muyideen and Mubarak encourage their models to use Paxful and are on a mission to onboard other agencies to Bitcoin to make money transfers more seamless. This means more accessibility to finances for everyone – financial freedom.
Muyideen and Mubarak show us how Bitcoin can financially empower and change lives. Bitcoin offers an alternative to traditional finance that is permissionless, borderless, and inclusive of everyone.
With Bitcoin and the youth of Nigeria leading the way, the future looks bright for Africa.
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
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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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