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Nigeria Lost N10.72 Trillion to Twitter Ban – LCCI

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 recent press statement, 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.”

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.

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