Home Technology Nigerian businesses lost over N10 trillion to Twitter ban: LCCI

Nigerian businesses lost over N10 trillion to Twitter ban: LCCI

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Nigerian businesses lost over N10 trillion to Twitter ban: LCCI

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

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

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Buhari regime had banned Twitter operations in Nigeria on June 5, 2021, and eventually lifted the prolonged suspension on Wednesday.

Mrs Almona while stating that Twitter was 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.

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She further appealed to the Buhari regime 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.

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