Nigerian businesses lost N10.72 trillion within 222 days of the Twitter ban – Lagos Chamber of Commerce & Industry

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

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

Twitter operations in Nigeria on June 5, 2021, has been banned until the ban was eventually lifted on Wednesday, NewsWireNGR recalls.

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.

She further appealed to the 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.