An adjusted estimation from Netblocks now put the daily cost impact of the shutdown at $6,919,069 and it naira equivalent at N2,840,416,269. A whooping N2.8 billion+ a day counts as loss since the ban.
The NetBlocks Cost of Shutdown Tool™ (COST) keeps a daily track of the estimated loss. Built upon published methodologies like those devised by the Brookings Institution and CIPESA, the Cost of Shutdown Tool estimates the potential economic cost of internet shutdowns, mobile data blackouts and social media restrictions using public economic indicators relating to the global digital economy.
The Federal Government declared the suspension of Twitter earlier this year on June 4th, after the social media platform flagged down a tweet by President Muhammadu Buhari (retd.).
In the tweet he threatened to treat Nigerians “misbehaving” in “the language they understand”. Locals termed it as inciting tribalistic & genocidal memories from the nation’s civil war.
After receiving a mandate from the Nigerian Communications Commission (NCC), telecommunication companies restricted access to Twitter nationwide on June 5.
With 209 days into the ban, an estimated $1,446,085,453 has gone down the drain. That’s an outrageous N593,647,000,175 in Nigeria currency – a figure heading over N593 billion.
There has been hint at a possible retraction of the ban, which to date has not materialised.
Buhari stated during the nation’s Independence Day speech on October 1st that the ban would remain in place until Twitter is registered in Nigeria, have a physical presence, and represented.
Festus Keyamo, the Minister of State for Labour and Employment, last month announced that Twitter had agreed to the nation’s terms for lifting the ban.
Keyamo, who is also a member of the committee tasked with resolving Twitter’s suspension, said:
“The reason why the President took that step is to recalibrate our relationship with Twitter and not to drive them away from our country. That recalibration, we have started it and the president graciously added me to the committee.”