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Metaverse, Future of Work Among Disruptive Tech to Shape 2022
While connectivity, digital transformation and telemedicine dominated 2021, this year is expected to be shaped by the metaverse and the future of work.
This is according to data and analytics company GlobalData’s “Tech, Media & Telecom Predictions: 2022” report, which identifies the top 30 themes impacting the tech, media and telecoms (TMT) industry.
GlobalData describes a theme as anything that keeps a CEO up at night. Its focus on themes aims to give companies an opportunity to invest in the right areas in their industries to become success stories, notes the firm.
During a webinar presentation of the TMT Predictions 2022 yesterday, GlobalData analysts offered a deep dive into eight of the 30 themes, namely environmental, social and governance (ESG), metaverse, the future of work, quantum computing, space economy, crypto-currency, batteries, and mergers and acquisitions.
“Technology is making it even easier for new entrants to disrupt even the most established businesses, so investment in the right themes is key to a company’s success,” says Emilio Campa, analyst on the Thematic Team at GlobalData.
Top among GlobalData’s TMT Predictions 2022 is the metaverse.
Though the metaverse may not yet be fully realised, early prototypes and use cases will emerge as tech companies strengthen their metaverse capabilities and start-ups develop solutions around data visualisation, collaboration and training, says the report.
According to Emma Taylor, GlobalData’s thematic analyst, the metaverse has the potential to transform how people work, shop, learn, communicate, socialise and consume content.
Taylor comments that big tech will increasingly invest in the metaverse in 2022.
Last year, she notes, there were significant investments made in the metaverse. In April 2021, Epic Games announced a $1 billion funding round to develop the metaverse platform within Fortnite. More recently, in November 2021, SoftBank Group announced it was investing $150 million in a South Korean metaverse platform.
She explains: “The metaverse is attracting significant media attention, including predictions that it will form the next incarnation of the internet. As such, competition will intensify as the tech titans battle for market dominance and non-tech brands explore how metaverses could deliver operational improvements.”
Taylor anticipates game publishers such as EA and Tencent will also join the metaverse development race. “GlobalData estimates cloud gaming alone will generate $30 billion in revenue by 2030.”
In addition, enterprises are expected to be the prime market for metaverse developers in 2022, she states. “New use cases will emerge as Microsoft, Nvidia, Meta and HTC strengthen their metaverse capabilities, and start-ups develop specific solutions around data visualisation, collaboration and training.
“The big players will engage in key mergers and acquisitions to bolster their metaverse offerings.”
According to Taylor, the use of augmented and virtual reality will be integral in the metaverse.
The metaverse is loosely defined as an extensive online world where people interact via digital avatars. Companies like Meta (formerly Facebook) have announced plans to develop metaverse experiences, services and hardware.
GlobalData analyst Rachel Jones points out that it’s no surprise ESG remains the major theme for 2022.
According to Jones, the 2021 United Nations Climate Change Conference (COP26) brought climate action to the forefront of the political agenda, where discussions regarding climate inaction were debated.
Jones says ESG will be discussed in all corporate boardrooms throughout 2022, with GlobalData predicting ESG disclosures will be an expectation in 2022.
“The role of the private sector in assisting the transition to a low carbon economy is becoming increasingly prominent thanks to the exposure created by COP26.”
GlobalData is of the view that commitment to the SBTi (Science Based Targets initiative) and Amazon’s The Climate Pledge will accelerate in 2022, Jones noted during the webinar presentation.
“Where companies pledge climate action, they will win stakeholder approval, which can therefore drive a competitive advantage.”
GlobalData predicts there will be a regulatory crackdown on big tech, especially regarding how they manage misinformation and online harm, says Jones.
Therefore, companies that disclose their ESG policies effectively and actively improve their ESG are the winners in this theme. Those that don’t will lose out, she expresses.
“Governance is a key issue in the tech sector as they [big tech companies] repeatedly evaded accountability for things such as data breaches, fake news and online abuse, which has persistently spread across the various social media platforms. However, it seems the time of this regulatory Wild West is up.”
Turning to the future of work, GlobalData’s Amrit Dhami notes hybrid working will remain commonplace in 2022, as workers enjoy the flexibility and lack of a commute.
“Companies must be flexible to retain and attract top talent,” Dhami says. “The gig economy will also continue to expand, catalysed by COVID-19 lockdowns and the explosion of quick commerce.
“However, the gig economy model will become increasingly unsustainable, due to landmark regulatory changes across Europe, classifying more and more gig workers as employees rather than independent contractors.”
According to GlobalData analyst Dan Clarke, the US and Europe will work to consolidate their own lithium-ion battery supply chains in 2022.
US manufacturers in the transportation equipment, electronics and chemicals industries will re-shore production due to concerns over electronic vehicle battery production and domestic semiconductor supply.
Says Clarke: “Batteries are crucial in digital technology, renewable energy and electric vehicles, three areas that are important now and will be increasingly important in the future. There is also likely to be a lot of vertical integration next year, where automakers move into building batteries or processing plants, or simply securing long-term partnerships as Tesla and Panasonic have done.”
The GlobalData report indicates that decentralised finance (DeFi) will disrupt traditional financial institutions and is set to be the killer use case of crypto-currency.
“Start-ups will lead DeFi platform innovations with retail investors as the primary targets. Institutional bodies will catch up with the trend through the introduction of Central Bank Digital Currencies and the adoption of stablecoins.”
The cyber security industry will develop quantum-resistant encryption before RSA codes are broken, notes the report. However, future quantum computers could break secure communications captured today. “Therefore, companies will implement quantum security solutions in 2022.”
In terms of the space economy, the report reveals the expansion of satellite networks will provide almost 70% of the space economy’s growth in the near term, facilitating larger aspirations.
“Plans for space business parks from aerospace leaders will see commercial actors have a more sustained presence in space, signalling a commercial infrastructure boom in the longer term.”
The Federal Government has called for collaboration among stakeholders to bridge the digital divide in Nigeria, as it launches a series of flagship projects aimed at boosting digital inclusion.
According to Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, the government is committed to ensuring that all Nigerians have access to digital services, regardless of their location or socio-economic status.
Speaking at an industry-focused stakeholders’ engagement session in Lagos, Tijani said the projects, which include Project BRIDGE, Project 774 and the Universal Access Project, were designed to extend digital connectivity to underserved and unserved communities, promote digital literacy and drive economic growth.
Themed, “Fostering Connectivity in Unserved and Underserved Communities: Collaborating for Sustainable Growth,” the event organized by the Universal Service Provision Fund (USPF) of the Nigerian Communications Commission (NCC), in-collaboration with the International Telecommunication Union, (ITU) and supported by the UK Foreign, Commonwealth & Development Office, brought together chief executives of telecoms companies, development partners and trade associations, among other notable industry players.
The minister noted that though Nigeria has made significant strides in expanding connectivity and strengthening its digital technology infrastructure, millions of Nigerians were yet to have access to reliable connectivity.
He said: “Over the last 25 years, Nigeria has made significant strides in expanding connectivity and strengthening our digital technology infrastructure. In recent years, broadband penetration has been growing significantly, bringing more millions of Nigerians online and enabling new opportunities for innovation, entrepreneurship and digital inclusion.
“Today, however, there are still millions of Nigerians on the fringes of digital transformation, who are yet to have access to reliable connectivity. Many communities, particularly rural areas, face significant barriers, including inadequate infrastructure and limited digital literacy.”
These gaps, Tijani added, not only hinder personal and business growth but also limit the full potential of Nigeria’s digital economy. He stressed that the Universal Service Provision Fund has been a critical instrument in the FG’s mission to extend connectivity to these communities, supporting infrastructure expansion, fostering local innovation and driving inclusive policies.
According to him, the federal government, through the Ministry of Communications, Innovation and Digital Economy, is also actively in driving transformative projects aimed at unlocking digital opportunities for millions of Nigerians.
He listed some of the government’s flagship initiatives to close the divide to include, Project BRIDGE, Project 774,
Universal Access Project, National Broadband Alliance of Nigeria (NBAN) and the 3 Million Technical Talent.
The minister further explained that Project BRIDGE, a 90,000km fibre optic expansion, was designed to significantly improve broadband penetration across Nigeria by extending fiber optic infrastructure to all regions; while Project 774 ensures that every local government secretariat in Nigeria benefits from high-speed connecivity, fostering grassroots digital transformation.
He described the Universal Access Project as a game-changing initiative targeted at connecting over 20 million Nigerians, who currently have no access to digital services.
“The National Broadband Alliance of Nigeria (NBAN) is our multi-stakeholder’s effort to drive collaboration across government and private sector to drive universal high quality broadband access. The 3 Million Technical Talent programme ( 3MTT) is strengthening our talent pipeline to deliver a workforce to improve the digital ecosystem.
“These projects are not just focussed on infrastructure; but also about enabling businesses, empowering individuals and unlocking the full economic potential of Nigeria’s digital landscape as we work towards a $1trillion economy.
“However, bridging this digital divide is not a task for the government alone. Sustainable and impactful progress require strong partnerships across the public and private sectors, development agencies, civil society and local communities.
“To ensure effective collaboration, we must focus on four key pillars, including community engagement, leveraging existing infrastructure, capacity building and sustainable solutions.
“We stand at a defining moment in Nigeria’s digital transformation. We have the vision, the policy framework and the will to connect every Nigerian to the digital economy. But, we need your partnership to explore alternative innovative ways to deliver on all elements of our plans.
“There is a clear role for everyone, including government at all levels, private sector, development partners and local communities in this journey,” the minister stated.
Earlier in his address, Dr. Aminu Maida, the Executive Vice Chairman of the NCC, said the theme of the programme reflected collective commitment to ensuring equitable access to telecommunications services for all Nigerians, especially those in unserved and underserved communities.
“Today’s meeting is particularly aimed at bringing key industry stakeholders together to provide valuable insights on strategies that can be adopted to enhance USPF interventions and serve as a feedback mechanism to build partnerships for Nigeria’s digital future.
“It goes without saying that the USPF acknowledges the crucial role of collaboration, strategic partnerships and complementary efforts to achieve sustainable development,” Maida stated.
He reiterated that the NCC, through the USPF, has been at the forefront of initiatives aimed at providing universal access and universal service. According to him, these efforts align with broader national and global goals, including bridging the digital divide, promoting universal access, fostering economic growth and social inclusion, and achieving Sustainable Development Goals “SDGs 4” (Quality Education) and 9 (Industry, Innovation and Infrastructure).
“Without doubt, to achieve digital inclusion, government agencies, mobile network operators, infrastructure providers, equipment manufacturers, development partners and telecom trade groups must work closely together.
It is for this reason that a multistakeholders’ approach is essential to explore innovative financing models to attract investment in rural telecommunications, leverage emerging technologies and alternative power solutions for sustainable connectivity and promote policies that incentivize collaborative participation in connectivity projects.
“I want to use this platform today, to urge all stakeholders to take decisive steps toward strengthening partnerships.
Let us harness our collective expertise, resources and innovative capabilities to build a resilient and sustainable telecommunication infrastructure that will empower millions of Nigerians.
We must remember that collaboration remains the cornerstone of sustainable development in this sector,” Maida submitted.
Asset Management Corporation of Nigeria (AMCON) has reaffirmed its commitment to recovering over N455 billion in debts owed by Arik Air Limited (in receivership) and its affiliated companies.
R-L: Head, Legal Department, Asset Management Corporation of Nigeria (AMCON) Mr. Albert Nwanozie; Acting Company Secretary Mrs Oyinlola Adebayo; Head, Corporate Communications Department Mr. Jude Chiedozie Nwauzor, and Head of Litigations, Mr. Norbert Enenmoh at a media luncheon with Judicial Editors at Marriot Hotel in Lagos
Jude Nwauzor, Head of Corporate Communications at AMCON, disclosed this during a media briefing in Lagos, stating that Sir Johnson Arumemi-Ikhide, promoter of Arik Air, Ojemai Investment Limited, and Rockson Engineering Nigeria, has been uncooperative in settling the debts.
Nwauzor described the refusal to repay the loans as a “disservice to the commonwealth and the Nigerian people,” adding that AMCON remains undeterred by alleged smear campaigns against the agency.
“These debts must be recovered one way or the other. The leadership of AMCON, under Mr. Gbenga Alade, will not deviate from its mandate to recover the huge debt owed to the Corporation by recalcitrant obligors,” he said.
According to AMCON, the debts, transferred from various banks due to non-performance, include N227.6 billion owed by Arik Air, N163.5 billion by Rockson Engineering, and N14 billion by Ojemai Investment.
Nwauzor refuted claims by Arumemi-Ikhide that the loans were performing and that the receivership was premature, describing such narratives as misleading.
“If the loan was performing, why was it sold and restructured? Why did he agree to the restructuring if there was no default? The simple answer is that he did not fulfill the agreed terms,” Nwauzor added.
Arik Air was taken over by the Federal Government through AMCON in February 2017 due to its debt profile exceeding N300 billion. Despite legal challenges, the receivership management, led by Captain Roy Ilegbodu, has continued to operate the airline effectively.
AMCON reiterated its resolve to recover the debts in line with its mandate, emphasizing the importance of accountability and transparency in the process.
Renaissance Africa Energy has completed the “acquisition of the entire (100%)” equity holding in Shell Petroleum Development Company of Nigeria (SPDC).
This is according to a statement on Thursday by the spokesman of Renaissance Africa Energy Holdings Tony Okonedo who said the acquisition was completed on the same day.
“This follows the signing of a sale and purchase agreement with Shell in January 2024, and obtaining all regulatory approvals required for the transaction. Going forward, SPDC will be renamed as ‘Renaissance Africa Energy Company Limited,” the statement added.
“We are extremely proud to have completed this strategic acquisition. The Renaissance vision is to be ‘Africa’s leading oil and gas company, enabling energy security and industrialisation in a sustainable manner.’
We and our shareholder companies are therefore pleased that the Federal Government has given the green light for this milestone acquisition in line with the provisions of the Petroleum Industry Act,” said Tony Attah, managing director/CEO of Renaissance.
He added: “We extend our appreciation to the Honourable Minister of Petroleum Resources, the CEO of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and the GCEO of Nigeria National Petroleum Company Limited (NNPCL) for their foresight and belief, paving the way for the rapid development of Nigeria’s vast oil and gas resources as a strategic accelerator for the country’s industrial development”.
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