Nigeria loses N2.18 billion daily as Twitter ban takes its toll

According to NetBlocks, a watchdog organisation which tracks cyber-security and internet administration, each day of the Twitter ban costs Nigeria about N2.18 billion.
GDP could drop by 0.2% and other possible implications on businesses and startups
Netblocks 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, Technext reports
As of Sunday, the country had lost up to N4.35 billion. Invariably, the Nigerian economy  lost an estimated N6.5 billion as at Monday.
Tech startups find themselves shut out
The likes of Kuda, Cowrywise, Tizeti, Flutterwave and Piggyvest have stopped tweeting in the period the ban has lasted so far. These tech startups and other business brands could suffer from the Twitter ban.
Hello Risers! Due to the Twitter ban our account will be managed and run by our US team, which may impact the availability and timing of support in our DMs. Please send your support issues to hello@rise.capital for more immediate response.
Many of these brands generate the most engagements on Twitter (using spaces, threads, hashtags), which help attract customers, close sales and earn more revenue.
The ban also restricts opportunities for gig economy workers who source clients from Twitter and limits the chances of many job seekers trying to secure gainful employment. Many of the companies that would put up job vacancies on Twitter have stopped posting since the ban was announced.
Telecom operators will lose data revenue too. As active Twitter users decline, less internet data is expended on these networks and data earnings may take a hit.
According to the NBS, the ICT sector accounted for about 9.91% of Nigeria’s total N40 trillion GDP in Q1 2021.
E-commerce merchants who advertise their items via Twitter could see sales decline drastically. This is because many prospective buyers may be unable to access Twitter or completely opt-out in the wake of the clampdown order.
Twitter ban: Nigeria loses N6.5bn in 3 days, GDP could drop by 0.2% and other possible implications on businesses and startups
In Nigeria, SMEs contribute 48% of the national GDP. They also account for 96% of businesses as well as 84% of employment, according to data from PwC.
The ban will also affect Twitter influencers who market services for clients looking to reach a wider audience with their service offerings. With the current situation of things, clients may be quite sceptical about even patronising these influencers in the first place.
If the Twitter ban continues to linger, the Nigerian economy may lose up to N75 billion in the next one month, and N525bn by the end of 2021.
GDP could drop by 0.2% and other possible implications on businesses and startups
With SME and ICT revenue poised to fall, plus a reduction in broadband penetration, Nigeria’s GDP could contract by at least 0.2% by the end of June.