Microsoft has announced a significant investment of $1 million to train 1 million Nigerians in artificial intelligence (AI) and digital skills over the next two years. This initiative is part of the company's efforts to upskill talents in the country, which is expected to have a positive impact on Nigeria's tech ecosystem.

The move is not only a philanthropic gesture but also a strategic business decision for Microsoft. As more people and companies start using AI, having a larger group of skilled professionals means more potential customers or employees for Microsoft in the future. This investment is a win-win for both the company and Nigeria, as it will help to bridge the skills gap in the country's tech industry.

In other news, Vendease, a food procurement startup operating in six Nigerian cities, has implemented its second round of layoffs in five months. The cuts, which will affect about 120 employees, are part of a restructuring effort aimed at achieving profitability and extending the company's runway as it seeks to close a Series A extension round. The company has been grappling with macroeconomic headwinds, including Naira devaluation and rising inflation, which have increased operational costs across its supply chain.

Despite these challenges, Vendease has grown its revenue by 600% year-on-year in the past two years. The company has also implemented changes to its business model, including the repurposing of its buy-now-pay-later (BNPL) product from a loss leader to a revenue generator. Additionally, Vendease has implemented in-house AI technology to automate previously manual processes like demand and resource planning, in a bid to improve capital efficiency.

In related news, Nigeria's crypto ban in 2021 has had a lasting impact on the country's crypto startups. The ban, which was implemented by the Central Bank of Nigeria (CBN), forced many crypto startups to adapt and find innovative ways to survive. Today, the surviving startups carry the weight of the story, and Nigeria may be closer to regulating crypto than it was four years ago.

Meanwhile, Kuda Group, one of Nigeria's largest neobanks, has reported significant growth in its revenue, which reached $32.1 million in 2023. The company has also grown its customer base from 4.9 million in 2022 to 7.2 million, as it invested in scaling its operation. Kuda's revenue comes from interest from loans and investments, fees from banking services and partnerships, transfer charges, and loyalty rebates.

In other regulatory news, Kenya is set to regulate its boda boda industry, which may soon face new regulations as the Public Transport (Motorcycle Regulation) Bill, 2023, reaches the National Assembly. The bill requires motorcycle owners to sign formal contracts with their riders, setting clear terms for pay, working hours, and conditions. This could reshape an industry that has long operated informally, affecting both owners and the millions of riders who depend on it for a living.

Finally, several events are set to take place in the coming weeks, including the ATCG Abuja 2025 Convening, the Africa Tech Summit in Nairobi, Kenya, the Lagos Tech Fest, and GITEX AFRICA 3rd edition. These events will provide opportunities for industry leaders, investors, and startups to connect, share insights, and drive growth across the continent.