Nigerians Loses Over N100 billion 51 Days After Twitter Ban as Jack Dorsey Revenue Rises

Nigerians Loses Over N100 billion 51 Days After Twitter Ban as Jack Dorsey Revenue Rises

  • Nigeria loses N2.17 billion every day Twitter ban remains in place, but the social networking site's revenue has been rising
  • Netblocks Cost of Shutdown Tools says over N100 billion has been lost by Nigeria since the Federal Government restricted Twitter operation
  • The social media platform reported its revenue rose by 74% after generating $1.19 billion in the second quarter of this year

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It's almost two months since the Nigerian Government shutdown Twitter operation in the country, and findings show that Nigerians have lost more than Jack Dorsey, founder of the tech firm.

On June 5, the Federal Government announced that Twitter's services will no longer be allowed within the territory of the country, a decision that shocked many.

It has been 51 days since the restriction of Twitter's operation, and this has cost Nigerians N111.03 billion between Saturday, June 5 to Monday, July 26, 2021.

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Nigeria loses over N100 billion since it banned Twitter on June 5, 2021
Illustration of Twitter's logo. Photo: Omar Marques/SOPA Images/LightRocket
Source: Getty Images

For every passing day, Nigeria loses N2.17 billion, according to Netblocks Cost of Shutdown Tools, which uses the classic Free Digital App GDP impact technique to assess a partial internet shutdown where one online platform is disrupted.

Twitter's revenue rising as Nigeria loses

Legit.ng had previously reported that Twitter's revenue grew by 74% in three months of this year's second quarter, showing the government clampdown on it have little or no impact.

Twitter has been having issue with the Nigerian government, and that of India, however, however, users and advertisers continue to patronise the social media.

The social networking site reported $1.19 billion in revenue in Q2 2021, against the $683.4 million Twitter reported for the corresponding period of Q2 2020.

Dorsey's company had also recorded $65.6 million net income in Q2 this year, having recorded a loss of $1.38 billion during the same period last year.

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It was gathered that its total number of followers also rose by seven million within April to June.

According to the company, its revenue is projected to hit between $1.22 billion to $1.3 billion for the third quarter of this year

Twitter to start charging Nigerians, others

In related news, Twitter users in Nigeria and across the world would be charged for using the social media. Although the charge will only be placed on some users who want extra features.

The social networking site says it is introducing new features that allows users to edit their tweets and make changes to their interface.

It is an opportunity for the company to increase its revenue and reduce its dependence on advertisements.

Source: Legit

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