LCCI estimates cost from Twitter ban at N10.72trn

The Lagos Chamber of Commerce & Industry (LCCI) has provided an insight on the huge losses incurred during the seven-month shutdown of twitter operation in Nigeria.

In a press statement on Friday, the Director-general of LCCI, Chinyere Almona put the total lost incurred at a whopping N10.72 trillion ($26.1billion.

The Federal government suspended the use of twitter in the country between June 5, 2021 and January 13, 2022.

Almona believed the ban was unnecessary and there were better ways it could have been handled to save the economy.

She said: “The operations of the microblogging platform were shut down on the 5th of June 2021 by the federal government due to the use of the platform for subversive purposes and criminal activities that were seen as threats to national security and social cohesion.

“It has become imperative that nations negotiate the achievement of balance in the use of digital platforms for mutual benefits between government regulators and operators.”

READ ALSO: Reps Minority Caucus slams Nigerian govt over Twitter ban despite reversal

However, she appreciated the lessons learned during the negotiations between the technical committee on Nigeria-Twitter Engagement with Twitter, while urging the government to explore these lessons in creating a realistic template for regulating digital platforms in Nigeria for maximum benefits.

“Digital platforms have become a viable tool for business operations and governance in engaging with diversified audiences and boosting digital transactions.”

She urged the government to create an enabling regulatory environment that supports global technology companies in achieving their potentials and are sustainably profitable, saying, “when this happens, Nigeria’s Gross Domestic Product (GDP) and revenue mobilisation will receive a boost through tax revenues from these companies.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now