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Home Blog Page 3033

Nigeria – On My Mind!

By
Ndubuisi Ekekwe
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Nigeria – you are on my mind. And I want to tell you that I do not forget how kind you have been. You gave me anything a young man would have asked a nation: great secondary school education, solid undergraduate education, and jobs months to graduation. For that education, you even paid for most via University Scholar awards.

Today, from the updates around the nation, I feel a burden. Yes, in the  powerlessness I see myself, I remain confident that our young people will experience abundance in the future. I am an optimist and I vote Yes that Nigeria’s young people will thrive.

I know many things are happening that my generation, and those ahead of me, have  been unable to pass the goodies we enjoyed to the current young people. That is a failure, and something that the future must fix, urgently.

Parents want their children to have a better future. Young People, my heart bleeds on the lack of economic opportunities. But I want all to never lose hope in the promises of the future. Most of us in the diaspora are working to deepen promises in the nation. For example, via Tekedia Capital, we have invested $millions and seeded companies with thousands of people earning quality incomes. And via Tekedia Mini-MBA where thousands have attended, I see young people ready to lead in the future; that will happen!

But get this: I do not like to pass responsibilities with excuses that it is not my fault because I am not a politician. Sure, politicians have roles, but it goes beyond politicians; EVERYONE (lawyers, doctors, professors, etc) must lead. Simply, the real deal is that everyone must work hard to secure the future of Nigeria’s young people. That is our shared obligation to deliver one product: a better future for young people! I am confident that will happen.

Meta Q2 2024 Revenue Surpass Wall Street Estimates, AI Investment Paying Off

By
Ojukwu Emmanuel
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Meta has exceeded Wall Street’s expectations for second quarter (Q2) 2024 report in revenue and profit, after issuing a better-than-expected forecast for the period.

The tech giant posted a revenue of $39.07 billion, compared to $38.31 billion expected. It posted an earnings per share of $5.16 vs $4.73 per share expected. Capital expenditures were $8.47 billion, below the $9.51 billion analysts estimation.

Meta revenue growth reflects a 22% increase recorded from the previous year earlier which it posted a revenue of $32 billion. Net income jumped 73% to $13.47 billion from $7.79 billion, or $2.98 a share, a year earlier.

The tech giant impressive result, points to continued share gains in the digital ad market, the company’s core business. Advertising revenue, which comes largely from the Facebook and Instagram apps, rose 22% from a year earlier.

Also, it is worth noting that Meta’s financial performance has continued to improve greatly, partly due to the aggressive cost-cutting measures implemented in late 2022. Recall that in February 2023, Meta declared it the “year of efficiency” during the company’s fourth-quarter earnings call.

The company’s CEO Mark Zuckerberg stated that Meta was returning to its roots, advertising, which was followed with massive job cuts that saw about 21,000 jobs lost over multiple round of layoffs. This strategy impacted Meta’s operating income which climbed 58% from a year earlier to $14.9 billion, and Meta’s operating margin expanded to 38% from 29% during the year-earlier period.

While it has continued to operate a lean strategy, the company has shifted its spending to investments in advanced technology like Artificial Intelligence (AI) and the virtual reality and augmented reality tech needed to underpin the metaverse. This has played out positively, as a key factor in Meta’s financial success is its substantial investment in artificial intelligerce (Al). The company’s Al initiatives have significantly enhanced ad targeting and content recommendations, which in turn have boosted user interaction and ad revenues. Notably, Al-recommended posts have become a major driver of engagement on Facebook, leading to a 7% increase in user time spent on the platform.

Additionally, Meta’s Al advancements, such, as the introduction of the Llama 2 large language model, are positioning the company as a significant player in the Al space. These innovations are not only enhancing Meta’s current offerings but also setting the stage for future growth in Al-driven products.

Commenting on this, the company’s CEO Mark Zuckeberg said,

“We had a strong quarter, and Meta Al is on track to be the most used Al assistant in the world by the end of the year. We’ve released the first frontier-level open source AI model, we continue to see good traction with our Ray-Ban Meta Al glasses, and we’re driving good growth across our apps.”

While Meta’s VR-focused Metaverse project has not yet become profitable, Zuckerberg emphasized the company’s continued commitment to this vision, highlighting the upcoming release of the Quest 3 headset.

The company has stated to continue to refine its plans for next year, as it expects significant capital expenditure growth in 2025, while it continues to deepen investment in AI and product development efforts. Like other tech giants, Meta is spending billions of dollars on Nvidia’s graphics processing units (GPUs), which are needed to train AI models and run hefty workloads.

Solana Flip BNB to be Fourth Largest Crypto by Market Value in the World

By
Paul Ugbede Godwin
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In a remarkable turn of events, Solana (SOL) has surged past Binance Coin (BNB) to claim the title of the fourth-largest cryptocurrency by market capitalization. This shift underscores the dynamic and rapidly evolving nature of the cryptocurrency market, where innovation and investor sentiment can lead to significant changes in the hierarchy of digital assets.

Solana’s recent performance has been nothing short of impressive. With an 11% increase over the last week, SOL has not only surpassed BNB but has also set the stage for further growth and adoption. This leap forward is a testament to the robustness of Solana’s underlying technology and its growing ecosystem, which continues to attract developers and users alike.

The rise of Solana can be attributed to several factors. One of the key drivers has been the approval and launch of spot Ethereum ETFs, which has opened the door for other altcoins to gain similar recognition. Solana, with its high throughput and low transaction costs, has positioned itself as a strong contender in the space, potentially paving the way for its own ETF in the future.

Institutional investors have taken notice of Solana’s potential, with inflows reaching $30 million in July alone. This influx of institutional money signifies a vote of confidence in Solana’s long-term prospects and its ability to compete with established players like Ethereum.

The rise of Solana comes at a time when the entire cryptocurrency market is experiencing a resurgence. Bitcoin (BTC) is nearing the $70,000 mark, and Ethereum (ETH), along with Solana, has seen a 3% increase, indicating a bullish trend across the board. This overall market upswing has undoubtedly played a role in bolstering Solana’s position.

Despite facing a major network outage earlier in February, Solana’s market cap rose to $49.36 billion, surpassing BNB’s $48.5 billion. This resilience in the face of technical challenges highlights the community’s support and belief in Solana’s mission to provide a scalable and user-friendly blockchain platform. However, the swift recovery and subsequent milestones, such as the on-chain approval of the Pyth DAO Constitution, have propelled Solana’s rally. This resilience in the face of technical challenges speaks volumes about the robustness of the Solana network and the community’s trust in its long-term vision.

Scalability remains a critical factor that determines the efficiency and viability of a cryptocurrency platform. Two of the most prominent players in this field are Solana and Ethereum, each with its unique approach to scalability.

Ethereum, the long-standing pioneer of smart contracts, has faced well-documented challenges with scalability. Its current proof-of-work (PoW) consensus mechanism can handle up to 15 transactions per second, which has led to congestion and high gas fees during peak usage times. However, the much-anticipated Ethereum 2.0 upgrade aims to address these issues by transitioning to a proof-of-stake (PoS) model, which is expected to significantly improve transaction throughput and reduce energy consumption.

On the other side of the ring stands Solana, a newer entrant that has quickly gained attention for its impressive scalability. Solana’s hybrid protocol, which combines Proof of History (PoH) with PoS, allows it to process up to 65,000 transactions per second. This high throughput is achieved without compromising on decentralization or security, setting a new benchmark for performance in the blockchain space.

The flip in market cap is not just a numerical victory for Solana; it represents the shifting tides of institutional and retail investment within the crypto ecosystem. With inflows reaching $30 million in July, Solana has captured the interest of institutional investors, a testament to its growing reputation as a solid investment target.

The cryptocurrency market is known for its volatility and unpredictability. However, Solana’s ascent to the fourth-largest crypto by market value is a clear indicator of its growing influence and the shifting tides in the crypto ecosystem. As the market continues to mature, it will be interesting to see how Solana and other cryptocurrencies evolve to meet the changing needs and expectations of investors and users around the world.

Fidelity International lists a physical Bitcoin ETP on the London Stock Exchange

By
Paul Ugbede Godwin
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In a significant development for the cryptocurrency market, Fidelity International has listed a physical Bitcoin Exchange-Traded Product (ETP) on the London Stock Exchange. This move marks a milestone for professional investors who are looking to gain exposure to Bitcoin through a regulated market segment.

The Fidelity Physical Bitcoin ETP, which is 100% backed by Bitcoin, aims to provide investors with a convenient and cost-effective way to invest in the leading cryptocurrency. The ETP tracks the price movement of Bitcoin and offers a secure way for professional investors to enter the market. This product was initially launched in February 2022 and was listed on the Deutsche Börse Xetra and the SIX Swiss Exchange before making its way to the London Stock Exchange.

The listing follows the Financial Conduct Authority’s (FCA) decision to allow exchanges to create a UK listed market segment for crypto asset-backed Exchange Traded Notes (cETNs), available exclusively for professional investors. This regulatory change reflects the increasing acceptance and demand for digital assets offered through a secure and regulated exchange.

Bitcoin ETPs provide a straightforward way for investors to add Bitcoin to their portfolios without needing to manage a cryptocurrency wallet or navigate the nuances of cryptocurrency exchanges. These products are typically subject to regulatory oversight, offering a layer of security not always present in the cryptocurrency market. Additionally, the physical Bitcoin backing the ETP is often stored in secure, offline vaults, reducing the risk of hacking.

Bitcoin ETPs are traded on traditional stock exchanges, making them accessible through regular brokerage accounts. This integration into the broader market ensures liquidity, allowing investors to buy and sell shares with ease. Bitcoin, as an asset class, has shown a low correlation with traditional investments like stocks and bonds. Including a Bitcoin ETP in a diversified portfolio can potentially reduce risk and improve returns.

Fidelity Digital Assets? acts as the custodian for the ETP, ensuring the security of the Bitcoin backing the product. In a move to enhance its competitiveness, Fidelity cut the Ongoing Charges Figure (OCF) on the product from 0.75% to 0.35% in February 2024, making it one of the most competitively priced ETPs available to professional investors.

Stefan Kuhn, Head of ETF & Index Distribution, Europe at Fidelity International, commented on the development, stating that the approval of the first spot bitcoin ETFs in the US has spurred interest from investors in cryptocurrencies all over the world. He highlighted that the Fidelity Physical Bitcoin ETP offers an institutional quality solution for professional investors in the UK to enter the market in a familiar, simple, and secure way.

The introduction of the Fidelity Physical Bitcoin ETP to the London Stock Exchange is a testament to the growing institutional interest in cryptocurrencies and the desire for regulated investment vehicles in this asset class. It represents a significant step forward in the integration of digital assets into the traditional financial ecosystem and provides a new avenue for professional investors to diversify their portfolios with cryptocurrency exposure. As the market for digital assets continues to evolve, the listing of products like the Fidelity Physical Bitcoin ETP will likely play a crucial role in shaping the future of investment in this emerging sector.

Protests and The Youth of Nigeria

By
Paul Ugbede Godwin
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0

The phrase “Kegs of Gun Powder” metaphorically represents the potential energy and power of youth movements, particularly in the context of protests. In Nigeria, the youth have been a significant force in advocating for change and reform. The metaphor suggests that the youth, with their numbers, energy, and potential for impact, are a potent force that can lead to explosive change when ignited by collective action and common goals.

The youth in Nigeria have historically been at the forefront of major social movements, seeking to address various issues such as police brutality, corruption, and the need for good governance. The #EndSARS protests in 2020 were a notable example, where young Nigerians mobilized en masse against the Special Anti-Robbery Squad (SARS) due to allegations of human rights abuses. The protests demonstrated the power of youth-led movements and the potential for societal transformation.

As Nigeria faces a myriad of challenges, including economic hardship, insecurity, and inadequate infrastructure, the youth continue to play a crucial role in the country’s socio-political landscape. The planned peaceful protests from August 1 to 10, 2024, reflect the youth’s defiance and their quest for an equitable society and effective leadership. These movements underscore the urgency with which Nigerian youth are demanding action from the government to address pressing issues that affect their lives and future.

Here are some notable youth-led movements that have made significant impacts in Nigeria

Not Too Young to Run: Aimed at reducing the age limit for running for elected office, this movement successfully influenced the passing of a bill that was signed into law in 2018, opening the political arena to younger candidates.

Bring Back Our Girls: Following the abduction of 276 schoolgirls from Chibok in 2014, this campaign mobilized global awareness and called for the return of the kidnapped girls, highlighting the issue of terrorism and its impact on education.

Occupy Nigeria: In 2012, Nigerian youth organized mass protests against the removal of fuel subsidies, which they saw as essential for the economic stability of the average Nigerian. The movement brought together citizens from various socio-economic backgrounds to demand government accountability and transparency.

These movements reflect the dynamism and resilience of Nigerian youth, demonstrating their commitment to advocating for policy changes, social justice, and democratic governance. As Nigeria continues to navigate complex challenges, the active participation of its youth remains crucial for driving sustainable change and development.

The metaphor of “Kegs of Gun Powder” is a powerful reminder of the transformative potential that lies within the youth of Nigeria. It is a call to recognize their voices, harness their energy, and engage them in meaningful dialogue and action towards building a better society. The youth are not just the future; they are the present, and their active participation in the democratic process is essential for the nation’s progress.

The youth of Nigeria, akin to “Kegs of Gun Powder,” represent a dynamic and vital force in the nation’s journey towards reform and development. Their continued activism and engagement are pivotal in shaping a Nigeria that reflects their aspirations and values. It is incumbent upon all stakeholders, including the government, civil society, and the international community, to support and empower the youth as they strive to create positive change in their country.

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