Due to the Federal government’s Twitter ban, Nigeria has lost N24.72 billion in ten days.
After the site removed a tweet from the President’s handle, the Federal government put the microblogging app’s operations in Nigeria on hold indefinitely on June 5.
Nigeria loses N102.9 million ($250,600) each hour due to the ban, according to NetBlocks Cost of Shutdown Tool, a global Internet monitor.
Using metrics from the World Bank, the International Telecommunication Union (ITU), and Eurostat, among others, the digital rights advocacy website calculates the economic impact of an internet outage, mobile data blackout, or app restriction. Its annals claim
Last week, the federal government announced that the microblogging site has reached out for talks and that the government is looking into the matter.
Nigeria has over 33 million active social media users, with about 26% on Twitter, according to Statista.
While commenting on the restriction, Ayoola Olukanni, Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, said it has a greater negative impact on micro, small, and medium enterprises that rely on social media to run their business.
“In this digital age, communication is an important aspect of sales and marketing. As a result, the Twitter ban is expected to have a significant impact on businesses, particularly Micro, Small, and Medium Enterprises (MSMEs) that rely on social media platforms like Facebook, Instagram, and Twitter to do business.
As a result, it will almost certainly have a detrimental influence on the economy’s IT industry, which is already struggling.