The economic implication of the twitter ban imposed by the Nigerian government has been put at N 4.9 billion since the ban took effect till 1.00 pm Monday June, 2021. This is according to NetBlocks, an international internet watchdog.
In an estimation by Netblocks’ Cost of Shutdown Tool (COST), it stated that N90.7 million is lost per hour.
But when measured by the past 55 hours, the ban cost Nigeria N4.9 billion, as of 1.00pm of June 7, 2021, considering 39.6 million Nigerians use Twitter. It was gathered that Nigeria will lose an estimated N453.5 million per hour if Facebook, YouTube, and other social media apps are shut down, while it will cost the country N2362m per hour if twitter, whatsapp , youtube and instagram is completely shutdown.
(The NetBlocks Cost of Shutdown Tool (COST) estimates the economic impact of an internet disruption, mobile data blackout or app restriction using indicators from the World Bank, ITU, Eurostat and U.S. Census.)
The Nigerian tech community have criticised President Muhammadu Buhari’s decision to ban the operations of social media site, Twitter. They stated that the ban will have a negative implication on the country’s business environment which has been plagued by various downsides affecting business growth.
The founders said jobs will be lost to the ban, as Twitter has provided employment opportunities for many Nigerians. They also said the ban will affect investors’ confidence in Nigeria.