Since June 4, 2021, Nigeria’s economy has lost N499.32 billion as a result of Twitter‘s ban.
The Federal Government declared the suspension of Twitter on June 4th, after the social media platform erased a post by President Muhammadu Buhari (retd.). After receiving a mandate from the Nigerian Communications Commission, telecommunication companies restricted access to Twitter on June 5.
According to the NetBlocks Cost of Shutdown Tool, the Twitter ban costs Nigeria’s economy N104.02 million ($250,600) every hour. The social networking site has been disabled for 4,800 hours (200 days).
Buhari intimated during his Independence Day speech that the ban would remain in place until Twitter was registered in Nigeria, had a physical presence, and was represented.
Festus Keyamo, the Minister of State for Labour and Employment, recently announced that Twitter had agreed to the nation’s terms for lifting the ban.
“The reason why the President took that step is to recalibrate our relationship with Twitter and not to drive them away from our country,” Keyamo, who is also a part of the committee set up to engage Twitter over its suspension, said.