Wednesday, June 29, 2022

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Nigerian businesses lost N10trn to Twitter suspension

Nigerian businesses lost a staggering N10.72 trillion ($26.1billion) between June 5, 2021 to 13th January 2022, during the seven-month shutdown of Twitter operations in Nigeria, the Lagos Chamber of Commerce & Industry (LCCI) has announced.

This is as the group commended the federal government for lifting the ban placed on Twitter operations in the country, Leadership writes.

Director-general of LCCI, Dr. Chinyere Almona said the federal government’s press statement conveying the lifting of the suspension of Twitter operations in Nigeria was well received and commendable.

“The operations of the microblogging platform were shut down on the 5th of June 2021 by the federal government due to the use of the platform for subversive purposes and criminal activities that were seen as threats to national security and social cohesion,” she pointed out.

She appreciated the lessons learned during the negotiations between the technical committee on Nigeria-Twitter Engagement with Twitter, while urging the government to explore these lessons in creating a realistic template for regulating digital platforms in Nigeria for maximum benefits.

Almona noted that “in business terms, the cost of the seven-month shutdown of Twitter operations in Nigeria is estimated to be N10.72 trillion ($26.1billion) between June 5, 2021 to 13th January 2022, according to Netblock’s Cost of Shutdown Tool.

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

She urged the government to create an enabling regulatory environment that supports global technology companies in achieving their potentials, saying, “when this happens, Nigeria’s Gross Domestic Product (GDP) and revenue mobilisation will receive a boost through tax revenues from these companies.

“Currently, the ICT sector is one of the growth drivers in the economy and we see additional activities of the digital platforms as adding more potentials to this sector.”

She commended the efforts of the federal ministers, agencies, and committees that have pulled the negotiations and gotten approval for the lifting of the suspension, requesting that all relevant institutions work towards enhancing digital infrastructure to adequately and sustainably support innovation in almost all sectors of the economy, especially, healthcare delivery, agric-technology, learning, e-governance, and fintech.

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