Nigerian businesses lost over N10 trillion to Twitter ban: LCCI

The Lagos Chamber of Commerce & Industry (LCCI) on Friday, Jan. 14, estimated that Nigerian businesses lost N10.72 trillion ($26.1billion) within 222 days President Muhammdu Buhari shut down Twitter operations across Nigeria.

Chinyere Almona, the director-general of LCCI, said in a statement: “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.”

Ms Almona, while stating that Twitter is a viable tool for businesses in Nigeria, 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,” 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.