Join me today at Africa’s largest business school for mastering the fundamental mechanics of entrepreneurial capitalism and personal economy as we discuss how to plan a multinational career. Rule #1: compound how much you make an hour, and not work all the hours. If you focus on improving how much they pay you an hour, you will win your career future. 

Also, never neglect the power of getting a PhD because PhD is one of the greatest career insurance policies if you are in the technical field. That degree pays, from teaching in a local community school to global events, there is someone always open to pay you money. And getting a PhD is one of the highest paid jobs in the world: most great schools will pay you $4,000 per month and cover your tuition of $67,000 per year for 4-6 years! 

Have a career plan, not just a job plan. Working minimum wage flipping burgers in McDonald’s for years is bad. But starting in McDonald’s while taking a course in a local community college on something that leads to a state certificate will increase your pay by 2X within 9 months. A 6-month certificate on medical coding will increase your wage from $15/hour to $31/hour.

In this class, as part of the Tekedia Personal Economy series where I focus on your economy, not your company or your country, I will explain how we can win that multinational career future.

Sat, March 8 | 7pm-8.30pm WAT | Planning a Multinational Career  – Ndubuisi Ekekwe | Zoom link 

In a move aimed at reshaping the United States’ approach to artificial intelligence (AI), President Donald Trump signed a new executive order on Thursday, revoking key AI policies established under former President Joe Biden.

The order, which promises to eliminate “barriers to American AI innovation,” has sparked a debate about balancing rapid technological development with ethical safeguards and public safety.

A New Vision for AI: Promoting Innovation Without ‘Ideological Bias’

The executive order lays out an ambitious plan to maintain global leadership in AI technology by developing systems that are “free from ideological bias or engineered social agendas.” The language of the order appears to address longstanding criticisms from Trump and his allies, including tech mogul Elon Musk, who have argued that previous AI policies reflected “woke” liberal biases.

Trump’s order emphasizes that AI initiatives should “promote human flourishing, economic competitiveness, and national security.” It mandates a comprehensive review of all policies, regulations, and directives tied to Biden’s 2023 executive order, with the potential to suspend any initiatives that do not align with this new direction.

Unwinding Biden’s AI Safeguards

Biden’s 2023 executive order introduced stringent requirements for AI systems, particularly those used by federal agencies. It mandated that agencies prove their AI tools were not harming the public or suspend their use, a move aimed at preventing discriminatory outcomes and misinformation. The Biden administration had also required tech companies building advanced AI models to share critical details with the government before releasing their systems to the public.

These measures were part of a broader effort, led by then-Vice President Kamala Harris, to curb potential harms from AI technologies. The Biden administration’s AI policies targeted risks associated with tools such as medical diagnosis chatbots, which could spread false information, and facial recognition systems that had been linked to wrongful arrests, particularly of Black men.

However, Trump’s new order casts these safeguards as obstacles to innovation. The administration argues that Biden’s AI policies imposed “unnecessarily burdensome requirements” on developers, potentially stifling the private sector’s ability to compete internationally.

The New AI Action Plan

The executive order directs the White House to draft an AI action plan within 180 days, underlining a pivot to a more business-friendly regulatory environment. This plan will be developed by a select group of White House technology and science officials, including newly appointed Special Advisor for AI and Crypto, David Sacks. Sacks, a venture capitalist and former PayPal executive, is expected to bring a market-oriented approach to the administration’s AI strategy.

The action plan is expected to focus on enhancing U.S. economic competitiveness through AI while reducing regulatory hurdles. However, the lack of specific guidelines on how to manage ethical concerns related to bias and safety has raised red flags among civil rights groups and AI ethics experts.

Concerns Over Bias and Public Safety

The Trump administration’s move to prioritize innovation over regulation has drawn criticism from those who believe that unchecked AI development could lead to real-world harm. Alondra Nelson, former acting director of the White House Office of Science and Technology Policy under Biden, described the new order as “backward-looking.” She warned that the policy shift might unravel existing initiatives that protect the public from harmful AI applications.

“Trump’s order signals a shift away from a balanced approach that both encourages innovation and safeguards public rights and safety,” Nelson said. “In 60 days, we’ll know which Americans’ rights and safety the Trump Administration believes deserve to be protected in the age of AI, and if there will be a level playing field for every technologist, developer, and innovator or just the tech billionaires.”

The Biden administration’s policies had set in motion a series of studies on AI’s impact across sectors, from cybersecurity to public benefits, with a focus on ensuring that AI tools did not contribute to social inequities. Critics say that by repealing these policies, Trump risks erasing much of this groundwork.

Business groups and tech advocates have largely welcomed Trump’s order, viewing it as a chance to boost American innovation in a competitive global market. Americans for Responsible Innovation, a nonprofit organization, praised Trump’s focus on “out-innovating the rest of the world.”

“Today’s executive order is a placeholder until the administration has a chance to develop a full strategy for executing that vision,” said Eric Gastfriend, the organization’s executive director. He noted that many federal agencies had already frozen AI policy work after Trump repealed Biden’s executive order earlier this week.

However, experts warn that prioritizing innovation without robust ethical guidelines could lead to unintended consequences. The lack of clear protections against biased algorithms and misinformation could particularly impact vulnerable populations, critics argue.

Impact on Federal Agencies and AI Developers

Under Biden’s policies, federal agencies had been instructed to scrutinize AI tools and ensure they did not perpetuate biases or misinformation. This included reviewing AI models used in healthcare, law enforcement, and public services. Trump’s order not only halts these reviews but also requires agencies to revise their acquisition and deployment strategies for AI tools.

For AI developers, the new order could reduce compliance costs and accelerate the deployment of new technologies. However, it also creates uncertainty about what standards, if any, they will need to meet regarding ethical considerations and public safety.

The focus on “human flourishing” and economic competitiveness aligns with Trump’s broader agenda of reducing regulations to stimulate business growth. His administration has argued that previous policies under Biden created a compliance-heavy environment that discouraged innovation and allowed foreign competitors to gain ground.

Trump’s approach also mirrors sentiments expressed by Musk, who believes there should be a form of “neutral” AI that avoids politically charged content moderation and ideological leanings.

Nigeria’s Eurobond market ended February on a strong note, reflecting sustained foreign investor confidence despite global economic uncertainties. According to the Debt Management Office (DMO), the average yield on Nigeria’s Eurobonds dropped to 8.80%, a 41-basis-point decline from 9.21% at the start of the month.

This positive performance not only underlines robust investor appetite but also places Nigeria ahead of the broader Sub-Saharan African (SSA) Eurobond market, where average yields fell by 27 basis points to 8.4%.

Strong Investor Demand and Regional Comparison

Analysts at Afrinvest attributed the bullish trend to improving macroeconomic conditions in the region and a pivot toward lower interest rates.

“The region continued to attract interest amid improving macroeconomic dynamics and lower interest rate pivots,” Afrinvest noted in its monthly report.

Nigeria’s performance was mirrored by other SSA countries, with Kenya leading regional gains. Yields on Kenya’s 2028 bond fell by 0.44%, while its 2048 bond dropped by 0.06%, indicating strong investor confidence following the government’s plan to introduce a centralized bond reporting system. This move is expected to enhance market transparency and boost efficiency.

Other regional players, such as Benin Republic and South Africa, also saw declines in yields on their 2038 and 2041 Eurobonds, respectively. However, Ivory Coast faced a different scenario, with yields rising across all its bond tenors, suggesting a more cautious investor sentiment.

Global Economic Factors Influencing Yields

Despite the generally positive performance, Nigeria’s Eurobond market experienced brief sell-offs in the last week of February, pushing yields slightly up from 8.79% to 8.80%. Analysts at CSL attributed this volatility to global risk-off trends, geopolitical uncertainties, and mixed economic signals from key global markets.

“In the U.S., Q4 GDP growth came in at 2.3%, aligning with expectations, while jobless claims unexpectedly rose to 242,000 (vs. 222,000 forecast), fueling concerns over labor market softness,” CSL analysts explained in a note to investors.

These global developments led to cautious trading in emerging market assets, including Nigerian Eurobonds. The broader market sentiment was influenced by fears of a potential economic slowdown in the U.S. and the uncertain path of monetary policy in advanced economies.

Debt Sustainability Concerns Emerge

While the high yields on Nigerian Eurobonds have made them attractive to foreign investors, economists are increasingly concerned about the country’s debt sustainability. Nigeria’s public debt, which recently crossed the N90 trillion mark, is raising red flags among financial experts. The country’s debt service-to-revenue ratio remains critically high, exceeding 80%, which is far above the 30% international threshold recommended by the World Bank.

Economists reiterate that the higher the yield, the more Nigeria will have to pay to service its debt – a situation compounded by the country’s already high debt servicing costs.

The growing allure of Nigeria’s bonds is a double-edged sword, as it provides the government with access to much-needed funds to bridge its budget deficit and finance critical infrastructure projects on the one hand. On the other hand, the increasing reliance on high-yield Eurobonds could escalate the country’s debt service obligations, further straining the federal budget.

Future Expectations

Looking ahead, analysts remain optimistic about the market’s performance, bolstered by strong liquidity inflows expected in March. Afrinvest estimates that N642.6 billion will come from coupon payments, while N562.5 billion is expected from maturities. These inflows are likely to support demand for Nigerian Eurobonds and maintain a bullish market sentiment.

“Additionally, a dovish interest rate outlook should reinforce the bullish bias. In the SSA market, the hunt for yield is likely to remain a dominant theme for sustained offshore interest in the region,” Afrinvest stated.

The dovish outlook aligns with a broader global trend of central banks in developed markets signaling a potential slowdown in rate hikes. Should this materialize, emerging markets like Nigeria could continue to attract yield-seeking investors. However, this scenario also means that Nigeria might need to keep offering attractive yields to maintain this interest, a strategy that could worsen its debt sustainability metrics.