Wikipedia, long hailed as one of the last bastions of reliable, community-curated knowledge on an increasingly commercial and AI-saturated internet, is seeing a noticeable dip in human engagement.

According to new data shared by Marshall Miller of the Wikimedia Foundation, human pageviews on Wikipedia have fallen by about 8% year-over-year.

Miller, who detailed the findings in a new blog post, said the decline became apparent after an update to Wikipedia’s bot detection systems revealed that a large portion of the site’s unusually high traffic between May and June actually came from bots designed to avoid detection. The adjusted data, he said, now paints a more accurate picture — one that shows a steady decline in organic, human-driven visits to the encyclopedia.

The explanation for this trend lies in the broader shifts shaping how people consume information online. Miller identified “the impact of generative AI and social media on how people seek information” as key factors behind the decline. Search engines, including Google, are increasingly providing direct, AI-generated answers to user queries rather than linking to source websites like Wikipedia. This means that while Wikipedia content continues to inform millions of users daily, many of those users never actually click through to the site.

At the same time, younger generations are gravitating toward short-form video platforms like TikTok, Instagram Reels, and YouTube Shorts for quick, visually engaging answers to their questions — a habit that bypasses the traditional open-web model that Wikipedia helped define.

“Younger generations are seeking information on social video platforms rather than the open web,” Miller wrote.

Google, for its part, has disputed claims that its AI summaries or “overviews” in search reduce traffic to knowledge sources. The company has argued that links to external websites are still provided and that users can click through to learn more. But data across the web suggests that the introduction of AI-generated search summaries has indeed shifted user behavior.

However, Miller maintained that Wikipedia remains a critical foundation of the global information ecosystem. Even if readers are not visiting the site directly, the encyclopedia’s content still forms the backbone of many AI and search tools.

“Knowledge sourced from Wikipedia is still reaching people even if they don’t visit the website,” Miller noted.

The challenge, however, is that fewer visits mean fewer opportunities for volunteers to edit and expand Wikipedia’s content — the lifeblood of the platform. It could also translate to fewer small donations, which are essential to funding the Wikimedia Foundation’s operations.

“With fewer visits to Wikipedia, fewer volunteers may grow and enrich the content, and fewer individual donors may support this work,” Miller cautioned.

The risk is not merely financial or operational. As generative AI systems rely on vast repositories of existing information to generate new text, a decline in Wikipedia’s volunteer base could have downstream effects on the quality of knowledge available across the internet. If fewer human editors are updating and correcting Wikipedia, the accuracy of the AI systems that depend on it could suffer as well.

Interestingly, Wikipedia itself experimented with integrating generative AI, testing automated summaries of entries earlier this year. However, the initiative was paused after editors voiced concerns that AI-generated text could compromise the platform’s integrity, transparency, and editorial standards.

In response to the decline in engagement, the Wikimedia Foundation is taking several steps to ensure Wikipedia remains relevant and visible in a changing information landscape. The organization is developing a new framework for attributing content used by AI models and search engines, aiming to reinforce the visibility of Wikipedia’s role in shaping digital knowledge. It also has two dedicated teams working to expand the platform’s reach among new readers globally, particularly in emerging markets where mobile and social platforms dominate.

Miller’s post also included a broader appeal to readers and internet users to support what he called “content integrity and content creation.” He urged users to look beyond AI summaries and social media snippets by clicking through to original sources, checking citations, and contributing where possible.

“Talk with the people you know about the importance of trusted, human-curated knowledge,” he wrote, “and help them understand that the content underlying generative AI was created by real people who deserve their support.”

Since its launch in 2001, Wikipedia has grown into one of the most visited websites in the world and one of the few remaining large-scale collaborative projects run by volunteers. Its open-access model has stood in contrast to the algorithm-driven, ad-funded structures that dominate most of today’s internet. Yet even Wikipedia is now facing the same pressures as other legacy web institutions — declining visibility, competition from AI, and changing consumption habits that favor speed over depth.

The recent revelation that human traffic is falling may not mean Wikipedia’s influence is waning, but it underscores a pivotal moment. If the encyclopedia’s role as a public good is to endure in the age of generative AI, it will need both institutional adaptation and renewed public engagement.

UAC of Nigeria Plc (UACN) has launched a N45 billion Commercial Paper (CP) issuance under its N65 billion CP Issuance Programme, marking another strategic move by one of Nigeria’s oldest conglomerates to tap the domestic debt market for short-term funding.

The offer, which opened on October 16, 2025, will close on October 20, 2025, with settlement scheduled for October 21, 2025.

The issuance comprises two series — a 182-day note and a 268-day note — offering investors effective yields of 18.5% and 19.5%, respectively. UACN is targeting Qualified Institutional Investors and High Net-worth Individuals, in compliance with the Securities and Exchange Commission’s Rule 321 governing commercial paper issuance in Nigeria.

Breakdown of the Offer

The Series 1 CP (182 days) is issued at a 16.94% discount rate, translating to an 18.50% effective yield, and will mature on April 21, 2026. The Series 2 CP (268 days) carries a 17.06% discount rate with a 19.50% effective yield. Investors can participate with a minimum subscription of N10 million, and thereafter in multiples of N1,000.

According to the company, repayment of the notes will be funded from UACN Group’s operating cash flows, underscoring its capacity to meet short-term obligations. The company’s net operating cash flow stood at N10.84 billion in H1 2025, a significant rise from N6.91 billion recorded for the full year 2024. As of June 2025, UACN reported N53.17 billion in retained earnings, supported by a five-year profit compound annual growth rate (CAGR) of 43% and cumulative operating cash flows exceeding N6 billion.

The notes may be quoted on the FMDQ Exchange platform or another recognized exchange to provide investors with secondary market liquidity, a growing consideration for institutions seeking flexibility in Nigeria’s high-yield debt market.

The issuance comes at a time when corporates are increasingly turning to the commercial paper market to meet liquidity needs amid tight credit conditions and rising domestic borrowing costs. UACN’s CP aims to give investors an opportunity for moderate real returns while diversifying away from sovereign instruments by offering yields slightly above inflation and Treasury bill rates.

With Nigeria’s headline inflation rate at 18.02% as of September 2025, the CP’s yields offer a modest 2–3 percentage point premium over recent Treasury Bill stop rates, which ranged between 15% and 15.77%. Analysts say the pricing reflects both market realities and UACN’s strong credit profile, allowing the company to attract institutional liquidity without excessive cost of funds.

The commercial paper market remains one of the few efficient avenues for corporates to raise short-term capital without overreliance on bank loans.

Understanding the Yields

Commercial papers are issued at a discount and redeemed at par value upon maturity. The discount rate represents the markdown applied to the face value at issuance, while the effective yield captures the actual annualized return an investor earns at maturity, factoring in the shorter tenor of the note.

For instance, an 18.5% effective yield over 182 days translates to a more competitive annualized gain than a similar Treasury Bill of the same duration, offering investors a slightly better hedge against inflation and currency volatility.

Strong Credit Profile

The UACN CP is rated A- by Agusto & Co. and A by DataPro, affirming the conglomerate’s good credit quality and moderate risk of default. These ratings reflect the group’s strong brand recognition, diversified portfolio across key sectors — including food and beverages, real estate, paints, and logistics — and an adequate liquidity buffer.

The company has, in recent years, streamlined its operations, divesting non-core assets and optimizing working capital to enhance profitability. Its improved cash generation in 2025, despite macroeconomic headwinds, strengthens investor confidence in its short-term obligations.

Inflation and Real Return Considerations

While the effective yield of up to 19.5% appears attractive, the real return above inflation remains limited, especially given the sustained upward pressure on consumer prices. However, compared with government securities, which continue to see oversubscription at lower yields, the UACN CP presents a moderate yield advantage.

In addition, corporate papers typically appeal to investors seeking to diversify portfolio risk, as they carry corporate credit exposure rather than sovereign risk. UACN’s proven earnings stability and liquidity strength make it a favorable choice within this segment.

Liquidity and Market Accessibility

Another key attraction for investors is the CP’s potential listing on the FMDQ Exchange, which enhances tradability and liquidity. This provides flexibility for institutions that may wish to sell before maturity, a crucial factor in Nigeria’s tight liquidity environment.

The minimum entry requirement of N10 million also underscores that the offer is tailored toward institutional players and high-net-worth individuals, rather than retail investors. The relatively short tenors — six and nine months — offer a balance between yield and liquidity, making the paper suitable for treasury management by pension funds, asset managers, and corporates.

The issuance is part of UACN’s broader funding strategy aimed at strengthening working capital, supporting operations, and refinancing short-term obligations at competitive market rates. The successful launch of the N45 billion tranche also signals investor confidence in the group’s financial stability and market standing.

Given its solid retained earnings, improved operating cash flow, and conservative leverage levels, analysts expect UACN to maintain a strong liquidity position even as it continues to fund strategic business growth.

Looking ahead, Nigeria’s corporate debt market has remained resilient despite inflationary pressures, offering firms like UACN a viable platform to raise affordable capital. As macroeconomic conditions gradually stabilize and inflation edges closer to single digits, yields may normalize, but for now, high-grade corporates are benefiting from investor appetite for safe, short-term, fixed-income instruments.