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📱MTN Nigeria $75bn Oversubscribed CP issuance

📱MTN Nigeria $75bn Oversubscribed CP issuance

Plus: Lagos Awards N100m to 26 Young Agripreneurs

Innovation Village
November 18, 2024

Today’s Menu ☕️

MTN Nigeria secures ₦75 billion in oversubscribed commercial paper issuance
Lagos Awards N100 Million to 26 Young Agripreneurs to Boost Agricultural Innovation
GitHub and Microsoft Launch GenAI for Youth Initiative to Empower Young Africans with AI Skills
VW and Rivian form $5.8 billion joint venture to accelerate EV technology development
Bluesky commits to not using user posts for AI training

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📱 TELECOMS

MTN Nigeria secures ₦75 billion in oversubscribed commercial paper issuance

MTN Nigeria, the country’s largest mobile network operator, has successfully raised ₦75 billion through its commercial paper issuance program. The funds will be utilized to support daily operations and meet immediate financial obligations.

This marks the conclusion of the Series 11 and 12 issuances under MTN Nigeria’s ₦250 billion Commercial Paper Issuance Programme. Initially targeting ₦50 billion, the offering was significantly oversubscribed, reaching 150% with a total of ₦75.18 billion issued, as per a filing with the Nigerian Exchange (NGX) on Friday.

The oversubscription demonstrates strong investor confidence in MTN Nigeria despite a challenging financial year. The company reported a loss after tax of ₦514.9 billion for the nine months ending September 30, 2024, primarily due to the devaluation of the Nigerian Naira. This devaluation led to net foreign exchange losses amounting to ₦904.9 billion, which significantly increased finance costs.....……continue reading

🌾 AGRICULTURE

Lagos Awards N100 Million to 26 Young Agripreneurs to Boost Agricultural Innovation

Lagos State has set a new benchmark for youth-driven agricultural innovation by awarding N100 million in grants to 26 young agripreneurs. This landmark initiative, unveiled during the inaugural Lagos Agrinnovation Summit, demonstrates the government’s commitment to empowering the next generation of agricultural leaders and ensuring food security in Nigeria.

Out of 316 business entries, 26 finalists were carefully selected after a rigorous evaluation process. These agripreneurs not only received financial backing but also gained access to mentorship, a vast professional network, and technical support to scale their enterprises....……continue reading

🤖 ARTIFICIAL INTELLIGENCE

GitHub and Microsoft Launch GenAI for Youth Initiative to Empower Young Africans with AI Skills

GitHub and Microsoft have joined forces with Goodwall and Yoma to launch the GenAI for Youth initiative, aimed at empowering young Africans to leverage Artificial Intelligence (AI). Goodwall is a skills-based social network where members can learn, develop in-demand skills, and earn rewards and recognition. Yoma, on the other hand, is a free online learning marketplace that provides access to courses, resources, and opportunities for personal and professional growth.

The founding partners of GenAI for Youth emphasize that the initiative is designed to make AI both accessible and transformative. It aims to open doors for young people to understand and use AI as a tool for creation, problem-solving, and innovation. With GitHub’s focus on developer engagement, the initiative offers developer-centric, nano-learning experiences that enable young people to explore AI and apply it in practical and empowering ways. This effort is complemented by Microsoft’s AI skilling commitments for users and developers across global markets......continue reading

🚙 ELECTRIC VEHICLES

VW and Rivian form $5.8 billion joint venture to accelerate EV technology development

Volkswagen Group (VW) and Tesla rival Rivian have announced the formation of a joint venture, with the German automotive giant increasing its investment in the partnership. Initially, VW had pledged $5 billion, but the deal’s value has now risen to $5.8 billion (£4.55 billion).

Following the announcement, shares in Rivian, the US electric vehicle (EV) manufacturer, surged by more than 9% in after-hours trading. This collaboration will enable both companies to share essential technology at a time when the growth in electric car sales is slowing and competition from Chinese manufacturers is intensifying.

For Rivian, which has been operating at a loss, this joint venture provides a vital source of funding as it gears up for the launch of its R2 model next year. The R2 is a smaller and more affordable sports utility vehicle (SUV) compared to Rivian’s current offerings..……continue reading

📱SOCIAL MEDIA

Bluesky commits to not using user posts for AI training

On Friday, the social network Bluesky made a clear statement that it has “no intention” of using user content to train generative AI tools. This announcement coincided with the implementation of new terms of service by X, which explicitly state that user text and other information can be analyzed to train its generative AI tools.

Bluesky emphasized its commitment to artists and creators who have chosen the platform as their home, acknowledging their concerns about other platforms using their data for AI training. In a post, Bluesky stated, “We do not use any of your content to train generative AI, and have no intention of doing so.”

However, Bluesky also noted that other companies might still scrape its posts for training purposes. The platform’s robots.txt file does not exclude crawlers from companies like Google or OpenAI, meaning these entities could potentially access Bluesky data...……continue reading