Nigerian businesses lost over N10 trillion to Twitter ban: LCCI

On Friday, January 14, the Lagos Chamber of Commerce and Industry (LCCI) projected that Nigerian businesses lost N10.72 trillion ($26.1 billion) in the 222 days after President Muhammadu Buhari shut down Twitter operations in the country.

According to Netblock’s Cost of Shutdown Tool, the cost of the seven-month shutdown of Twitter operations in Nigeria is projected to be N10.72 trillion (26.1 billion dollars), according to Chinyere Almona, the director-general of LCCI.

Ms Almona said the removal of the suspension of Twitter activities in Nigeria was “well-received and praiseworthy,” despite the fact that Twitter is a vital tool for businesses in Nigeria.

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

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

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

“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.

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

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