Economy
Effect of Twitter Ban on Nigerian Economy and Mobile Data Usage
By Lead Web Praxis Media
Twitter is one of the largest messaging apps in the world. Others include Facebook, WhatsApp, LinkedIn etc.
The platform is well known for a place of acquiring knowledge, attaining information and enabling communication between people of different races and those of the same race.
The app was founded on March 21, 2006. However, due to the deletion of a tweet by the Nigerian government, the messaging app was banned to be used by her users in Nigeria on June 4, 2021.
This ban came as a shock to many people and it ignited international concerns. This is because the app has been known to be an avenue for voicing out your desire as a citizen.
In fact, prior to the ban, the account of the former President of the United State of America, Donald Trump, was deleted and nothing happened to the “bird app” in the United State of America.
This article tends to look at the consequences/effect of the Twitter ban on the Nigerian economy and mobile data usage.
Break in Communications System
The messaging app has been known to be a means of communication for different purposes including for corporation organizations. With the ban, there is a break in this communication and this greatly affects the productivity of businesses and people. Some major businesses in the country depend on the app to communicate effectively with their audiences.
In fact, the Nigerian government that banned the app usually used it as a means of communication to the masses, but with this ban, the communication channel is broken among other deleterious effects.
Even though the app can still be assessed with the Virtual Private Network (VPN), this is still not as effective as before. Moreover, some of the VPNs do not work and this greatly affects the overall efficiency of people and businesses. This subsequently has a negative effect on the economy of the country
Increase in Unemployment Rate
Even though the major purpose of the app is for communication between people, it has developed into a money-making machine for some people, most especially business owners. Most businesses depend on the app to communicate and advertise with their audience. Some have even built a high number of followers on the app.
However, with the ban, many businesses are cut off from their businesses and this greatly affects their revenue generation. This in turn affects the general outlook of the economy. In other words, the ban also adds more spices to the previous unemployment rate in the country.
Decrease in Traffic Generation for Business
Just like many other messaging apps, Twitter is also known as a traffic generation tool for businesses. This implies that businesses use it as a platform for generating leads whether organically or via paid advertisement. This greatly affects the revenue of the business as the first step in the revenue generation is lead generation. Subsequently, this has a negative effect on the economic condition of the country.
Researchers have shown that many businesses that rely solely on Twitter for their businesses are now trying to adapt to another platform. Hence, many of them now resolve to build their own email list as it is not dependent on any platform and gives them the liberty of having smooth communication with their audience at any point in time.
Negative Impact on International Relations and Trade
Most of the resources that are used in Nigeria are importers and the banning of the messaging app has a negative effect on how the international community perceives us and our trading relationship in general. In fact, many international figures stated their opinion when the declaration of the ban was made.
This in turn will affect the way the international community relates with us in all sectors including the trading sector. Subsequently, this negatively affects the economy of the country and affects the way of living of Nigerians.
Social media has formed an important part of the Nigerian lifestyle over the past years and with the ban, the effect is greatly felt. Apart from that, the economy of the country is also affected as many Nigerians depend on the app to generate revenue for themselves.
As the day goes by, the Nigerian government and her economy are known to lose huge billions of dollars every month. To curb the effect of Twitter ban, the government should reverse the ban as many citizens depend on the “bird app” to survive.
However, Nigerians should also start building their email list as it is the only way to boycott the negative effect of banning any social media platforms.
To know more about internet marketing and how you can make more money with your business, visit Lead Web Praxis Media Limited or reach out via [email protected]
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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