How Nigeria lost ₦499.32bn to Twitter ban in 200 days

The Nigerian economy has lost ₦499.32bn to the shutdown of Twitter since it came into effect on June 4, 2021, Top Naija reports.

On June 4, the Federal Government announced the suspension of Twitter after the social media platform deleted a tweet by President Muhammadu Buhari.

Telecommunication companies had on June 5 blocked access to Twitter after receiving a directive from the Nigerian Communications Commission to that effect.

According to the NetBlocks Cost of Shutdown Tool, Nigeria’s economy loses N104.02m ($250,600) every hour to the ban on Twitter. It has been 4,800 hours (200 days) since the social networking site was blocked.

While giving his Independence Day speech, Buhari hinted that the ban would continue until Twitter registered in Nigeria, had a physical presence, and representation.

Recently, the Minister of State for Labour and Employment, Festus Keyamo, said Twitter had agreed to the nation’s conditions for the suspension to be lifted.

Keyamo, who is also a member of the committee set up to engage Twitter over its suspension, said, “The reason why the President took that step is to recalibrate our relationship with Twitter and not to drive them away from our country.

“That recalibration, we have started it and the president graciously added me to the committee.”

A Nigerian financial planner, Kalu Aja, had said, “The Twitter ban raises a narrative about doing business in Nigeria, and it’s not a good narrative.

“Specifically, Twitter and social media allow Small and Medium-scale Enterprises and sole proprietors with zero marketing budgets but a smartphone to build and communicate a brand promise.”

The Buhari administration has long held concerns over the use of Twitter in the country. The ongoing local End SARS protest began on Twitter and got amplified in 2020 when it had 48 million tweets in ten days.

The current government has floated the idea of social media regulation on different occasions prior to banning Twitter. Attempts to pass an anti-social media bill in the past have failed majorly due to massive outcry on Twitter. Days before the ban, the country’s minister of information called Twitter’s activities in Nigeria suspicious, citing its influence on the End SARS protests.