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Centre introduces MarkHack 2.0 for marketing, media professionals

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The Eko Innovation Centre says it has introduced  MarkHack 2.0, a platform for marketing, media professionals and students to explore new and innovative ways to disrupt the creative industry.

 

Victor Afolabi, the founder of Eko Innovation Centre, said this during the launch of the second edition of Mark Hackathon on Saturday  in Lagos.

 

He said the initiative was aimed at fostering collaboration, creativity and critical thinking among participants and also provide a platform for them to showcase their ideas to potential investors.

Afolabi said participants would be split into teams of five and required to work together for a period of three weeks, brainstorming and ideating new concepts based on their focus areas.

 

The founder said each team would pitch their ideas to a selection of jury and the best 10 teams with the most viable concepts would go head-to-head at the finale to win a prize pool of 10,000 dollars.

Afolabi said they would  also get the chance to join an acceleration programme to get their products ready for the market.

Speaking on the creative industry, he said it is the country’s second largest employer and has the potential to produce seven million jobs by 2025, with a major contribution from entertainment and media.

“The entertainment and media growth will be seen in the development of the metaverse and the use of non-fungible token.The metaverse could contribute around 40 billion dollars to the economies of sub-saharan markets like Nigeria.

“With the rise of digital media, social platforms and the increasing use of technology, the creative industry  stands among the most dynamic sectors in the world.

“The industry is becoming more digital, mobile and more pitched at media that attracts the young and more dependant on advertising today.

“It is important that the growth of the industry is steered by innovation that can only be birthed through collaboration among the brightest mind in the industry,” he said.

Similarly, Mrs Hannah Oyebanjo, Managing Director, Redwood Consulting,  said the creative industry held the potential to create jobs for young people

Oyebanjo said research showed that the creative sector currently employs about 4.2 million people across five industries including media, entertainment, beauty and lifestyle, visual arts, as well as tourism and hospitality.

“The creative industry encompasses advertising, architecture, arts, video, photography, electronic publishing, radio and television, among others.

“The creative industry is considered as a reliable source of cultural and commercial value,” she said.

Oyebanjo, however, said that the Nigerian creative industry had its challenges which included lack of appreciation for intellectual properties, access to reliable data, weak marketing knowledge and access to funding, among others.

Also, the Managing Director of Entod Marketing, Iquo Ukoh, commended the innovation centre for organising hackathons such as the MarkHack to give several talents opportunities to bring their ideas to reality.

She said that soon enough, solutions would come out of the hackathon that would disrupt markets in Nigeria.

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FG Using Geospatial Technology to Curb Revenue Leakages – Minister

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The Nigerian government is harnessing geospatial technology to combat revenue leakages and streamline governance, according to Uche Nnaji, the Minister of Innovation, Science, and Technology. During the 21st Annual General Assembly/Conference and GIS Day in Abuja, Nnaji highlighted how the use of geospatial tools has helped identify and eliminate revenue blockages, streamline tax collection, and manage resources more effectively.

“The president has mainstreamed geospatial technologies into blocking revenue leakages and creating new revenue streams,” Nnaji stated. Additionally, the government has approved four new satellites for Nigeria to further strengthen these efforts.

Geospatial technologies, which involve tools for capturing, analyzing, and displaying geographically referenced data, are considered essential for addressing key national challenges. Nnaji emphasized that these technologies play a crucial role in sectors like urban planning, agriculture, disaster management, and infrastructure development.

At the event, representatives of the Geoinformation Society of Nigeria, including President Fitka Bilshakka, urged Nigerian universities to incorporate geospatial science into their curriculums to inspire the next generation. Bilshakka stressed that geospatial technology is vital to addressing Nigeria’s socio-economic challenges, ranging from security to environmental issues.

The Chairman of the National Population Commission, Nasir Kwarra, also underscored the importance of geospatial data in national planning, noting its transformative potential in addressing the country’s pressing challenges. He emphasized that accurate demographic and geospatial data are critical for driving sustainable development.

This commitment to geospatial technology aligns with Nigeria’s broader goals of enhancing governance, economic growth, and national development through innovation.

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AI Pioneers Win 2024 Nobel Physics Prize, Sound Alarm Over Future Risks

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By Aaior K. Comfort

Geoffrey Hinton and John Hopfield, pioneers in artificial intelligence (AI), were awarded the 2024 Nobel Prize in Physics on October 8 for their groundbreaking work on neural networks. Their research has laid the foundation for modern AI systems that are transforming society but also raising significant concerns about potential risks.

Hinton, often referred to as the “Godfather of AI,” and Hopfield expressed deep concerns about the future implications of the technology they helped develop. Hinton, 76, made headlines in 2023 when he resigned from his position at Google, warning of the “profound risks to society and humanity” posed by AI. Following the Nobel announcement, Hinton reiterated his worry, suggesting that AI systems could eventually surpass human intelligence and potentially take control.

The Nobel Committee recognized the two scientists for “foundational discoveries and inventions that enable machine learning with artificial neural networks.” Hinton’s creation of the Boltzmann machine and Hopfield’s associative memory model, the Hopfield network, were key contributions to the development of AI technologies used in everything from facial recognition to language translation.

While celebrating the benefits of AI, Ellen Moons, chair of the Nobel Committee for Physics, also highlighted the concerns surrounding its rapid development. She emphasized the importance of ethical use and responsible oversight of this powerful technology.

Hopfield, professor emeritus at Princeton, echoed Hinton’s concerns, calling the advancement of AI “unnerving” and urging a deeper understanding to avoid unintended consequences.

Hinton, currently a professor at the University of Toronto, compared AI’s potential impact to that of the Industrial Revolution, predicting that AI will surpass human intellectual abilities, much like machines exceeded human physical strength.

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Google Releases Report on Nigeria’s Growing Digital Opportunities

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Google has unveiled a new report highlighting the substantial economic impact of digital technologies in Nigeria. Released on Thursday and independently conducted by Public First, the Digital Opportunity of Nigeria report illustrates how Google’s products and infrastructure are facilitating digital transformation and contributing to economic growth nationwide.

As Nigeria undergoes rapid digital development, the report emphasizes the vast potential for further growth. Key findings indicate that every $1 invested in digital technology in Nigeria generates over $8 in economic value, underscoring the critical role of digital innovations—such as connectivity, cloud computing, and artificial intelligence (AI)—in shaping the country’s economic future.

Olumide Balogun, Google’s Director for West Africa, remarked, “We’re thrilled to see the positive impact that digital technology is having on Nigeria’s economy. This report underscores the importance of continued investment in digital skills and infrastructure to unlock the full potential of Nigeria’s vibrant digital economy.”

Key Findings from the Report:

  • High Return on Investment: Every $1 invested in digital technology contributes $8 to Nigeria’s economy.
  • Economic Activity Contribution: In 2023, Google’s products and services—including Search, Ads, YouTube, and Cloud—generated an estimated $1.8 billion in economic activity across Nigeria, significantly boosting the productivity of local businesses, creators, and workers.
  • Digital Skills Development: Google’s digital skills programs, such as Digital Skills for Africa and the Career Certificates Program, have benefited millions of Nigerians, with over 1.5 million young adults acquiring new digital skills in 2023 alone.
  • AI’s Economic Potential: The report estimates that AI could add an additional $15 billion to Nigeria’s economy by 2030, with Google’s commitment to responsible AI development playing a crucial role.

In 2021, Google pledged $1 billion to accelerate Africa’s digital economy, aiming to improve internet access, support local entrepreneurs, and foster innovation. The Digital Opportunity report highlights the tangible impacts of these investments in Nigeria.

The report also offers strategic recommendations for policymakers, advocating for enhanced cloud-first policies and improved digital infrastructure to maximize AI’s potential. Additionally, it stresses the importance of strengthening STEM education and AI fluency to prepare Nigeria’s workforce for the future.

The insights from this report showcase Nigeria as a digital front-runner in Africa, with technology investments poised to be a powerful catalyst for growth and development.

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