Business

Twitter ban: Nigerian businesses lost over N10 trn in 222 days- LCCI

Twitter ban: Nigerian businesses lost over N10 trn in 222 days- LCCI

 

Nigerian businesses lost a whopping N10.72 trillion ($26.1 billion) over the 222 day federal government ban of the social media handle, twitter.

The director-general of LCCI, Chinyere Almona in a statement stated; “In business terms, the cost of the seven-month shutdown of Twitter operations in Nigeria is estimated to be N10.72 trillion (26.1billion dollars) according to Netblock’s Cost of Shutdown Tool.”

While stating that Twitter is a viable tool for businesses in Nigeria, Ms Almona said the lifting of the suspension of Twitter operations in Nigeria was “well-received and commendable.”

“Digital platforms have become a viable tool for business operations and governance in engaging with diversified audiences and boosting digital transactions.

“When this happens Nigeria’s Gross Domestic Product (GDP) and revenue mobilisation will receive a boost through tax revenues from these companies.

“Currently, the Information and Communications Technology sector is one of the growth drivers in the economy even as we see additional activities of digital platforms adding more potential to the sector,” she added.

She further appealed to the Buhari government to create an enabling environment that supports global technology companies.

The federal government slammed the ban on Twitter operations in Nigeria on June 5, 2021, and lifted the ban on Wednesday, Jan, 12.

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