The Nigerian government lifted the Twitter ban three days ago, after over seven months restriction that has pitied the government against the people, especially the youths.
As a section of the country, whose businesses were impacted by the ban heave sigh of relief, the Nigerian economy has begun to reckon with the consequences.
The Lagos Chamber of Commerce and Industry said on Friday that the Nigerian economy lost N10.72 trillion to the Twitter suspension. This was made known by a statement issued on Friday by Chinyere Almona, Director-General, LCCI.
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“In business terms, the cost of the seven-month shutdown of Twitter operations in Nigeria is estimated to be N10.72 trillion ($26.1billion) according to Netblock’s Cost of Shutdown Tool,” Almona said.
The shocking decision to shut down the microblogging app over the deletion of president Buhari’s tweet in June last year, came off as an attack on free speech in addition to the huge weight of economy losses.
The N10.72 trillion loss, which represents about 63% of Nigeria’s N17.1 trillion budget for 2022, compounds the country’s economic struggles that have degenerated in the last five years, and has forced it to depend on borrowing to fund its budgets.
The decision has been largely described as economic sabotage by experts as it belies Buhari’s administration’s push to diversify the economy through digital inclusion. In the wake of the covid pandemic, Nigeria’s economy was sustained by the digital sector, laying a foundation that many believed that the government should have built upon to foster digital economy.
While she welcomed lifting of the ban, Almona sounded the reminder that the Information and Communications Technology sector was one of the growth drivers of the economy. She said digital platforms have become a viable tool for business operations and governance in engaging with a diversified audience and boosting digital transactions.
The LCCI director urged the government to use regulatory approaches in the dealing with digital issues, especial when it involves multinational companies.
“We, therefore, urge the government to create an enabling regulatory environment that supports global technology companies in achieving their potential and are sustainably profitable,” she said.
She added that improving Nigeria’s digital infrastructure from a policy perspective would boost healthcare delivery, agric-technology, learning, e-governance, and fintech.
“When this happens Nigeria’s Gross Domestic Product (GDP) and revenue mobilisation will receive a boost through tax revenues from these companies,” she said.
Nigeria has a ban culture that is increasingly threatening its economic development. The African largest economy, who has over the past four years, placed ban on many digital innovations, including cryptocurrency, has been encouraged to develop regulatory frameworks in handling exigencies of digital tech development.
Almona said the Twitter ban should serve as a lesson, urging Nigeria and other nations to ensure balanced negotiation in the use of digital platforms for mutual benefits between governments and operators.
As the global economy shifts from natural resources to technology, many countries are positioning to grab a share by regulating emerging innovative ideas. Nigeria’s choice of banning everything the authorities do not agree with has been counterproductive, killing employment opportunities and immobilizing the country’s economic growth.