Generative AI could become a $1.32 trillion industry by 2032, according to a Bloomberg report which suggests that in 2022, the industry generated revenues of around $40 billion – making a 42% compounded annual growth for the sector.

The report came amid concerns that AI could pose an existential threat to humanity if it is not regulated. But despite the concerns, generative AI has proved to be a disruptive force – becoming a multi-billion industry within a few months.

Bloomberg’s report broke the expected revenue down by business. It says that AI software like AI assistants, infrastructure products, and programs that speed up coding could generate $280 billion by 2032, making an annual growth rate of 69%.

According to Bloomberg’s estimates, hardware will make up the bulk of the $1.3 trillion of revenue, accounting for $641 billion by 2032, of that $641 billion, $168 billion will come from devices, and $473 will come from infrastructure.

Hardware revenue will come from AI servers, AI storage, computer vision AI products, as well as conversational AI tools, which will be worth $108 billion, the report says.

Other areas such as digital ads about AI and AI assistant software will bring in $192 billion and $89 billion respectively, according to the report.

Bloomberg’s Intelligence’s report suggests that generative AI is forecasted to make up about 10 to 12% of total IT hardware, software services, ad spending, and gaming markets by 2032, compared to less than 1% currently.

“The world is poised to see an explosion of growth in the generative AI sector over the next ten years that promises to fundamentally change the way the technology sector operates,” Mandeep Singh, senior technology analyst at Bloomberg Intelligence and lead author of the report said in the press release.

“The technology is set to become an increasingly essential part of IT spending, ad spending, and cybersecurity as it develops,” Singh added.

While there is growing safety concern about generative AI, the technology has recorded explosive growth. OpenAI’s ChatGPT became a darling globally soon after it was launched in November, recording more than 100 million users in just about two months.

The record, which made it the fastest-growing consumer app, was buoyed by its ability to provide contextual answers to queries, write codes and essays, and compose music.

The explosion of ChatGPT triggered a global race of generative AI, with Google launching Bard – its version and Chinese companies like Alibaba rolling out Tongyi Qianwen, its AI Chatbot. Microsoft, after investing billions of dollars into OpenAI, incorporated ChatGPT 3 into Bing, its search engine, in a bid to wrestle market share from Google.

However, the safety concern surrounding generative AI is tagging along with its growth. Elon Musk who confounded OpenAI with Sam Altman has echoed the concern that AI may end civilization if not properly regulated, a sentiment the CEOs of major AI firms like Deepmind agree with.
Both tech and world leaders are calling for the regulation of AI. A group of EU lawmakers working on AI legislation, last month, called for a global summit to find ways to control the development of advanced AI systems.

The Nigerian Labour Congress (NLC) has released a communiqué that lists 12 grounds for its planned industrial action over the increase in fuel prices orchestrated by the removal of fuel subsidy by President Bola Tinubu.

The communiqué is coming hours after Labour issued an ultimatum to the federal government to reverse petroleum pump prices.

The Nigerian National Petroleum Company Limited (NNPCL), on Thursday, released a new table of upward-reviewed pump prices for Premium Motor Spirit (PMS), following the declaration by Tinubu that “fuel subsidy is gone.”

The communiqué signed by the NLC president, Comrade Joe Ajaero, and the General Secretary, Comrade Emmanuel Ugboaja, noted that it is unfair for the government to remove fuel subsidy without making adequate provisions to mitigate the impact.

“The NEC-in-session considered the huge suffering pervading the nation, the outrage expressed by the majority, and the increased attendant fears of the consequences of the PMS price hike unanimously condemned the actions of the federal government and reached the following conclusions:

“1. That it was unlawful for the federal government to have announced the withdrawal of the Subsidy on PMS. 2. That the 2023 Appropriation Act made provisions for the funding of the subsidy regime on PMS till the end of June 2023, 3. That it is unfair for the government to knowingly take action that will inflict pain on the populace and workers without putting adequate safeguards in place.

“4. That discussions were already on, and understanding reached with the government on the conditions precedent before the withdrawal of subsidy on PMS. 5. That the Local refineries especially the publicly owned four have remained comatose as a result of the government’s inability to get them operationally turned around. 6. That we cannot accept any Petroleum Product Price increase until products are refined locally.

“7. That federal government’s decision was unilateral and therefore runs counter to the spirit of national consensus and Social Dialogue. NEC-in-Session also noted that whereas: 1. there is a subsisting judgment of the Court that voided the powers of the Nigerian state to deregulate and fix prices of petroleum products in the Country.

“2. Between 1993 and 2023 about U$6b was used for Turn Around Maintenance of the Refineries without any results. 3. U$7b was given to 14 banks owned by the elite from the Public treasury to keep them afloat. 4. Between 2016 and now, N26 trillion was given to the rich as import waivers. 5. The NNPC is still unable to tell us how it arrived at the Pricing templates and the names of the beneficiaries of the Subsidy funds.”

“The NEC-in-session subsequently resolved as follows: 1. to demand for the immediate withdrawal of the vexatious NNPCL price adjustments and revert to the old price in keeping with the 2023 Appropriation Act. 2. to immediately commence effective mobilization of all workers and citizens in conjunction with the Civil Society for a robust and inclusive engagement to resist the imposition of higher prices on PMS on Nigerians.

“3. to hereby affirm a Seven–Day ultimatum beginning from Wednesday the 31st day of May 2023 to the Federal Government to revert to the old price to allow Dialogue to proceed. 4. to, on the expiration of the ultimatum without full compliance by the federal government embark on an indefinite nationwide withdrawal of services and mass Protests starting at 00:00 Hours Wednesday the 7th of June, 2023. 5. to this end, all Affiliates and State Councils of the NLC are directed to immediately commence full mobilization of members to ensure the success of this action nationwide,” the communiqué added.

The Nigeria Labour Congress (NLC) has given the federal government from now to Wednesday next week to reverse fuel prices to their places before the fuel subsidy was removed or face indefinite strike action.

NLC President Joe Ajaero announced the ultimatum after an emergency meeting of the union’s National Executive Council (NEC) in Abuja.

The federal government’s decision to remove fuel subsidies was announced by President Bola Tinubu during his inauguration on Monday. In his inaugural address, the president declared that “fuel subsidy is gone”.

His statement, which triggered unprecedented fuel scarcity across the country, prompted the adjustment of pump prices by the Nigerian National Petroleum Company Limited (NNPCL).
The new pump prices, which put the cost of fuel at N488 to N557 have stoked the cost of transportation nationwide – forcing commuters to take to trekking.

The NLC has accused the government of being insensitive to the plights of the Nigerian people by abruptly removing fuel subsidy without providing palliatives to cushion the effect.
Earlier, a group, Joint Action Front (JAF), had called on the NLC and Trade Union Congress of Nigeria (TUC) to declare a nationwide strike in protest over the hikes in petrol prices occasioned by the subsidy removal.

“The Joint Action Front (JAF) condemns the pronouncement of Bola Tinubu during his inauguration as the President of Nigeria on May 29 that the ‘petrol subsidy is gone’.
“Since the pronouncement, the country has been further plunged into crisis as the petrol prices went as high as N600, long queues returned at fuel stations and ordinary people have to walk a long distance to work and other destinations,” the group said in a statement.

Earlier meetings held by the federal government and the NLC ended in deadlock.
The CEO of the NNPCL, Mele Kyari, said on Thursday that there is no going back on the fuel subsidy removal. He said, “By the provisions of the PIA [Petroleum Industry Act], actually the subsidy regime vanished on the 17th of February, 2022.” The law states that six months after the enactment of the PIA, petroleum products, particularly PMS must be priced at market rates, he added.
JAF, in its call on the NLC to resist the hike in pump prices, asked Nigerians to reject the subsidy removal.

“We call for a mass rejection of this anti-poor policy and other capitalist attacks including the devaluation of naira which Tinubu has planned to unleash on working people, youth, and the poor in line with the dictates of the World Bank and IMF.

“Already the hike in petrol prices has compounded the pre-existing economic hardship which itself was a result of the capitalist policies of the APC government. The already excruciatingly high cost of living and the high inflation which is at present over 22 percent will be worsened,” the group said.

Amid the chaos, Ajaero who had earlier called for a probe into the subsidy regime said the government, particularly the NNPCL, has up until Wednesday next week to revert to the old price of Premium Motor Spirit (PMS). He added that if the federal government fails to meet the ultimatum, organized labour will have no choice but to embark on a nationwide strike.

But Kyari said that “These pains will be alleviated, and I am aware that Mr. President is working on this to see how the alleviation of these pains is going on.” He added that the subsidy removal is going to enable the resources to come back and be of use to the ordinary people.

President, Bola Tinubu has appointed Speaker of the House of Representatives, Femi Gbajabiamila, as the new Chief of Staff; former Deputy Governor of Jigawa State, Sen. Ibrahim Hadejia, as new Deputy Chief of Staff and Former Minister of Special Duties, George Akume, as new Secretary to the Government of the Federation.

The new appointments by the Commander in chief of the Nigerian Armed forces were revealed in a statement released on Friday by the State House Director of Information, Abiodun Oladunjoye.

The statement titled ‘President Tinubu appoints Gbajabiamila COS, Sen. Ibrahim Hadejia, DCOS, George Akume, SGF’ reads as follows:

“President Bola Ahmed Tinubu, Friday in Abuja announced the appointment of Speaker of House of Representatives, Rt. Hon. Femi Gbajabiamila as Chief of Staff, and Sen. Ibrahim Hassan Hadejia, a former Deputy Governor of Jigawa State, as Deputy Chief of Staff.

“In a meeting with Progressives Governors Forum, the President also named former Governor of Benue State and immediate past Minister of Special Duties, George Akume, Secretary to the Government of the Federation,” the statement reads.

Recall, in an earlier report, Mr Femi Gbajabiamila had debunked earlier rumors that he was being considered for the role of the chief of staff to the president-elect and that he was considering leaving the legislative chamber for the federal executive arm.