Nigeria's Twitter Suspension Spells Trouble For Small, Medium Businesses: Reuters

Anusuya Lahiri
·1 min read
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  • Twitter Inc's (NYSE: TWTR) indefinite suspension in Nigeria on June 4 has affected multiple small and medium-sized businesses across Africa's most populous and largest economy, Reuters reports.

  • A Lagos-based entrepreneur sold over 500,000-naira ($1,219) worth of accessories on Twitter per week and found it challenging to cope with the ban.

  • NOI Polls estimates that 39.6 million Nigerians use Twitter, including 20% for business advertisement and 18% for employment.

  • Interestingly, Twitter is accessible under Virtual Private Networks that hide location.

  • The suspension cost billions of naira daily as per the Parliament's minority caucus.

  • An analyst estimated the young Nigerians as the worst hit. The analyst estimated the potential revenue loss and counted it to further lower the living standard amid high inflation.

  • Information Minister Lai Mohammed last week sought to register the social media sites under a local entity followed by an operating license.

  • Price action: TWTR shares traded higher by 0.28% at $60.67 on the last check Monday.

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