Revealed! How much Nigerian businesses lost to Twitter ban

The Lagos Chamber of Commerce & Industry (LCCI) has revealed that Nigerian businesses lost up to N10.72 trillion ($26.1billion) between June 5, 2021 and January 13, 2022.

The ban lifted on the Twitter ban means the seven-month shutdown of its operations in Nigeria was over.

Director-general of LCCI, Dr. Chinyere Almona, however appealed to the federal 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.

“Currently, the ICT sector is one of the growth drivers in the economy and we see additional activities of the digital platforms as adding more potentials to this sector.”

She commended the efforts of the federal ministers, agencies, and committees that have pulled the negotiations and gotten approval for the lifting of the suspension, requesting that all relevant institutions work towards enhancing digital infrastructure to adequately and sustainably support innovation in almost all sectors of the economy, especially, healthcare delivery, agric-technology, learning, e-governance, and fintech.

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