ABUJA, NIGERIA     — Nigeria’s tech startups are facing reluctance from investors, stemming from the shutdown of some prominent young companies last year.

Kingsley Eze co-runs Nairaxi, an e-Commerce, on-demand logistics startup in Abuja, Nigeria’s capital. Despite its record of handling tens of thousands of successful requests, the firm has been largely funded by Eze, as well as family and friends. 

Eze told VOA that even though he is ready for expansion, it has been difficult to secure financing, amid the tales of failing startups in the country. 

“It’s been very difficult to raise funds, investors are cautious, the interest rate hikes in the Western economy is also a contributing factor to that, coupled with a lot of disappointing or not so good outings for a few startups that were like a beacon of hope for the Nigerian startup ecosystem,” said Eze.

Nigeria has been leading growth in African startups. Nevertheless, the sector faced a significant blow in 2023. Prominent startups such as 54Gene, Lazerpay, Vibra, Payday, and Hytch went out of business — largely over their inability to raise more capital to keep the companies running — losing more than $70 million of foreign investors’ funds. 

Abuja-based economist and investment expert Paul Alaje told VOA he blames the collapses on neglect of business principles. 

“Assumption is the major bane to startup development in Africa, especially Nigeria,” said Alaje. “That the idea worked at first and is technology-driven does not mean the fundamentals of traditional business or a growing business, economic principles behind traditional business, should be neglected when it comes to startups.” 

A recent report by Briter Bridges, a London-based business intelligence and research firm, showed a 54% drop in funding for startups between January and October of last year in Africa compared to the same period in 2022. 

Eze said he believes this will make it even harder to navigate the funding terrain.   

“The last statistics we had projected a 60% failure rate for Nigerian startup companies which is not a good bet for most investors,” said Eze. “When everyone is succeeding in the market, it encourages more investors.” 

Alaje said Nigeria’s business ecosystem needs an overhaul. 

((ACT Paul Alaje, Senior Economist (Male, in English) )) 

“Change policy, bring new policies that make it difficult for people who don’t have an idea regarding how business should be properly run,” said Alaje. “Two, show examples of people who got it correctly, including Paystack. We need to become more deliberate at all levels.” 

Paystack, a successful Nigerian payment processing company, was acquired by an Irish-American company for $200 million in 2020. 

According to venture capitalists in Nigeria, poor infrastructure, lack of accountability by business owners, and the foreign exchange crisis aided the collapse of many startups. 

For his part, Eze said he will continue to build his business from the revenues it generates. 
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Capitol Hill — U.S. lawmakers renewed calls Wednesday to pass bipartisan legislation that would restrict American investment in Chinese technology.

“It should come as no surprise that China’s military and surveillance state are exploiting loopholes in U.S. policy to access billions of U.S. investment dollars and expertise. We know that U.S. investment has not democratized China and countries which are controlled by the CCP [Chinese Communist Party] have no power over the applications of their technology. The CCP can direct it to us for military or surveillance purposes,” House Foreign Affairs Committee Chairman Michael McCaul said at a hearing on the legislation Wednesday. 

The bill – which has support from both conservative organizations and the Biden administration – was not included in the National Defense Authorization Act or NDAA passed late last year. Republican Senator John Cornyn has sponsored companion legislation in the U.S. Senate that passed with more than ninety votes. 

Lawmakers hope it can still be passed individually and signed into law.  

If passed, McCaul said the measure, H.R. 6349, would target “specific technology sectors, like AI [artificial intelligence] and quantum computing, that are empowering China’s military development and surveillance.” 

Rep. Gregory Meeks, the top Democrat on the House Foreign Affairs Committee, said an executive order issued by the Biden administration last August “that calls for provisions and notification requirements of specific types of American investments in China, or in certain companies that develop or produce semiconductors, quantum computers, and artificial intelligence applications” is an important first step. 

But experts in U.S.-China relations told a House panel more could be done. 

“Congress has an opportunity to build on the initial steps taken by the Trump and Biden administrations to prevent U.S. capital from fueling China’s military and intelligence capabilities. First, Washington should take a sectoral rather than merely an entity-based approach. The Treasury Department has demonstrated since at least 2021 that it is disinterested in using even its existing narrow authorities to limit investment in Chinese military-linked companies. And in fairness to the Treasury Department tackling the problem on a company-by-company basis would be a resource-intensive and gargantuan task,” Matthew Pottinger, the deputy national security adviser during the Trump administration, said Wednesday. 

“We still haven’t learned that they will do everything they can to take anything we sell, particularly in the area of electronics and really high tech, and use it for the military. They’ve been doing that for decades. We don’t learn. We think somehow if you trade more, they’ll matriculate from dictatorship to democracy,” Republican Rep. Chris Smith said Wednesday.

The bipartisan push in the U.S. House comes as Senate negotiators continue work on the White House’s $106 billion national security supplemental request that includes funding to combat Chinese influence in the Indo-Pacific. Citing a border security crisis, Senate Republicans have sought changes to U.S. immigration law in return for their votes to pass more than $50 billion in assistance to Ukraine that is also part of the Biden administration’s request. 

Senate Minority Leader Mitch McConnell urged lawmakers Wednesday to reach an agreement soon. 

“It’s become quite fashionable in Washington to talk about how we’re not taking competition with China seriously enough,” McConnell said. “Winning this competition means credibly deterring Beijing’s worst impulses, which, for us, means investing in American strength. Outcompeting the PRC [People’s Republic of China] will require greater investments in our military capabilities and in our industrial capacity to produce them. The West cannot be caught unprepared for this challenge. We cannot afford to neglect the lessons of history.” 
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sydney — The Australian government is considering new laws to regulate the use of artificial intelligence in “high-risk” areas such as law enforcement and self-driving vehicles.

Voluntary measures also are being explored, such as asking companies to label AI-generated content.

The country has outlined its plan to respond to the rapid rise of artificial intelligence, or AI.

Under the Canberra government’s plan announced Wednesday, safeguards would be applied to technologies that predict the chances of someone again committing a crime, or that analyze job applications to find a well-matched candidate.

Australian officials have said that new laws could also mandate that organizations using high-risk AI must ensure a person is responsible for the safe use of the technology.

The Canberra government also wants to minimize restrictions on low-risk areas of AI to allow their growth to continue.

An expert advisory committee will be set up to help the government to prepare legislation.

Ed Husic is Australia’s federal minister for industry and science. He told the Australian Broadcasting Corp. On Wednesday that he wants AI-generated content to be labeled so it can’t be mistaken as genuine.

“We need to have confidence that what we are seeing we know exactly if it is organic or real content, or if it has been created by an AI system.  And, so, industry is just as keen to work with government on how to create that type of labeling,” he said. “More than anything else, I am not worried about the robots taking over, I’m worried about disinformation doing that. We need to ensure that when people are creating content that it is clear that AI has had a role or a hand to play in that.”

Kate Pounder, the head of the Tech Council of Australia, which represents the technology sector, told local media that the government’s AI proposals strike a sensible balance between fostering innovation and ensuring systems are developed safely.

The Australian Parliament defines artificial intelligence as “an engineered system that generates predictive outputs such as content, forecasts, recommendations…without explicit programming.”

Recent research shows that most Australians still distrust the technology, which they see as unsafe and prone to errors.

 
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An automated restaurant is opening this month in Pasadena, California. CaliExpress will be serviced by robots that make food in the kitchen and AI that takes clients’ orders. The only job humans will still need to do is assemble and pack the food. Angelina Bagdasaryan has the story, narrated by Anna Rice. Camera: Vazgen Varzhabetian
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An estimated 130,000 people have descended on Las Vegas for CES 2024, the consumer technology show that attracts big and small companies alike. VOA’s Tina Trinh met with some of the more than 4,000 exhibitors for a look at emerging trends in artificial intelligence, digital health and more.
Camera: Tina Trinh
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London — False and misleading information supercharged with cutting-edge artificial intelligence that threatens to erode democracy and polarize society is the top immediate risk to the global economy, the World Economic Forum said in a report Wednesday.

In its latest Global Risks Report, the organization also said an array of environmental risks pose the biggest threats in the longer term. The report was released ahead of the annual elite gathering of CEOs and world leaders in the Swiss ski resort town of Davos and is based on a survey of nearly 1,500 experts, industry leaders and policymakers.

The report listed misinformation and disinformation as the most severe risk over the next two years, highlighting how rapid advances in technology also are creating new problems or making existing ones worse.

The authors worry that the boom in generative AI chatbots like ChatGPT means that creating sophisticated synthetic content that can be used to manipulate groups of people won’t be limited any longer to those with specialized skills.

AI is set to be a hot topic next week at the Davos meetings, which are expected to be attended by tech company bosses including OpenAI CEO Sam Altman, Microsoft CEO Satya Nadella and AI industry players like Meta’s chief AI scientist, Yann LeCun.

AI-powered misinformation and disinformation is emerging as a risk just as billions of people in a slew of countries, including large economies like the United States, Britain, Indonesia, India, Mexico, and Pakistan, are set to head to the polls this year and next, the report said.

“You can leverage AI to do deepfakes and to really impact large groups, which really drives misinformation,” said Carolina Klint, a risk management leader at Marsh, whose parent company Marsh McLennan co-authored the report with Zurich Insurance Group.

“Societies could become further polarized” as people find it harder to verify facts, she said. Fake information also could be used to fuel questions about the legitimacy of elected governments, “which means that democratic processes could be eroded, and it would also drive societal polarization even further,” Klint said.

The rise of AI brings a host of other risks, she said. It can empower “malicious actors” by making it easier to carry out cyberattacks, such as by automating phishing attempts or creating advanced malware.

With AI, “you don’t need to be the sharpest tool in the shed to be a malicious actor,” Klint said.

It can even poison data that is scraped off the internet to train other AI systems, which is “incredibly difficult to reverse” and could result in further embedding biases into AI models, she said.

The other big global concern for respondents of the risk survey centered around climate change.

Following disinformation and misinformation, extreme weather is the second-most-pressing short-term risk.

In the long term — defined as 10 years — extreme weather was described as the No. 1 threat, followed by four other environmental-related risks: critical change to Earth systems; biodiversity loss and ecosystem collapse; and natural resource shortages.

“We could be pushed past that irreversible climate change tipping point” over the next decade as the Earth’s systems undergo long-term changes, Klint said.
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washington — The United States is pushing back its planned return of astronauts to the surface of the Moon from 2025 to 2026, NASA Administrator Bill Nelson said Tuesday.

Artemis, named after the sister of Apollo in Greek mythology, was officially announced in 2017 as part of the US space agency’s plans to establish a sustained presence on Earth’s nearest space neighbor, and apply lessons learned there for a future mission to Mars.

Its first mission, an uncrewed test flight to the Moon and back called Artemis 1, took place in 2022, after several postponements.

Artemis 2, involving a crew that doesn’t land on the surface, has been postponed from later this year to September 2025, Nelson told reporters.

Artemis 3, in which the first woman and first person of color are to set foot on lunar soil at the Moon’s south pole, should now take place in September 2026.

“Safety is our top priority, and to give Artemis teams more time to work through the challenges,” said Nelson.

NASA is also looking to build a lunar space station called Gateway where spacecraft will dock during later missions.

Elon Musk’s SpaceX has won the contract for a landing system for Artemis 3 based on a version of its prototype Starship rocket, which remains far from ready. Both of its orbital tests have ended in explosions.

Delays to Starship have knock-on effects because the spacesuit contractor needs to know how the suits will interface with the spacecraft, and simulators need to be built for astronauts to learn its systems.

And the Artemis 1 mission itself revealed technical issues, such as the heat shield on the Orion crew capsule eroded in an unexpected way, and the ground structure used to launch the giant SLS rocket sustained more damage than expected.

As of March 2023, NASA has agreed to pay approximately $40 billion to hundreds of contractors in support of Artemis, the same watchdog found.

A key difference between the 20th-century Apollo missions and the Artemis era is the increasing role of commercial partnerships, part of a broader strategy to involve the private companies in space exploration to reduce costs and to make space more accessible.
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