Reviving a Recessed Economy: The Role of Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR)

Awoyele Ifeoluwa Oladipupo*, Akinwonmi Babalola*, Oluwatuyi Racheal Fadeke* and Abiodun Oladoyin . A**


Adeyemi College of Education


Abstract: The trends in Information and Communication Technology(ICT) are ever changing. Its effects and dimensions on all facets of life, its progression through web 2.0, web 3.0 and of course in recent times Virtual Reality(VR), Augmented Reality(AR) and Mixed Reality (MR). Research has shown that there is a strong connection between telecommunication investment and economic growth; it has also shown that there is a link between technology innovation and national economic prosperity, vis-à-vis the role of communication infrastructure investment in economic recoveries. A number of countries have also identified information technology as a crucial infrastructure need for national development and as a result, many nations around the world are investing in digital infrastructure as a way to jump-start economies weakened by recent financial collapse. This paper examines the role of Virtual Reality(VR), Augmented Reality(AR) and Mixed Reality (MR) in enhancing businesses in Nigeria, especially during recession. It begins with a definition of Recession, highlighting distinctions between VR, AR and MR, explains innovative approach to the use of such technologies in reviving the different sectors of the economy and makes attempt at discussing the challenges of effective use of VR, AR and MR in Nigeria and possible solutions.
KEY WORDS: Information and Communication Technology(ICT), Virtual Reality(VR), Augmented Reality(AR), Mixed Reality (MR), Economic prosperity, Economic growth, Recession