About N24.72bn has been lost in 10 days after the Federal Government banned Twitter from operating in the country.
This ban on June 5 comes after the microblogging platform took down a controversial tweet from the official handle of the President.
Last week, the Federal Government announced that the microblogging site has reached out for talks and that the Federal Government will now provide operational licenses to such sites if they wish to operate in Nigeria.
Reports from an international Internet Monitor, NetBlocks Cost of Shutdown Tool, Nigeria loses N102.9m equivalent to $250,600 every hour to the ban.
The digital rights advocacy website calculates the economic cost of an internet outage, mobile data blackout, or app restriction using World Bank, International Telecommunication Union (ITU), and Eurostat metrics, among others. According to its data, Nigeria lost an estimated N2.1 billion naira when Twitter was shut down for 24 hours.
According to Statista, Nigeria has over 33 million active social media users, including approximately 26% on Twitter.
While speaking on the restriction, Ayoola Olukanni, Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, said it has a greater negative impact on micro, small, and medium enterprises that rely on social media to conduct business.
“Communication is a significant part of sales and marketing in this digital age. Consequently, the Twitter ban will likely impact negatively and disrupt businesses especially Micro, Small and Medium Enterprises who rely on social media, such as Facebook, Instagram including Twitter to conduct business.
It will therefore most likely negatively impact the IT sector of the economy which is already facing several other challenges.
While it may be considered that there are alternative social media platforms, the abrupt nature of the suspension would mean a loss of existing contacts and a cost of migration.
We must of course also not and cannot, discountenance the national security dimension of the misuse of social media and micro-blogging platforms to inspire violence outside its use to conduct Business.”Olukanni said