• Latest
  • Trending
  • All
  • News
  • Politics
  • Science
  • World
  • Lifestyle

Buhari’s ban on crypto, Twitter crippled Nigeria’s FDI – Report

09/05/2022
World Bank lauds Jigawa Govt. on ACRESAL projects

Essential services must be strengthened in Africa for inclusive, sustainable growth – World Bank 

11/07/2025
Lebanese president says normalisation with Israel not on agenda

Lebanese president says normalisation with Israel not on agenda

11/07/2025
NOA, EFCC Partner to Tackle Virtual Asset and Investment Fraud Nationwide

NOA, EFCC Partner to Tackle Virtual Asset and Investment Fraud Nationwide

11/07/2025
EFCC officer found dead on Lagos street

NOA, EFCC launch nationwide campaign against cyber fraud and online scams

11/07/2025
Lawyer seeks sanction against MultiChoice over tariff hike despite pending appeal

Lawyer seeks sanction against MultiChoice over tariff hike despite pending appeal

11/07/2025
Peter Obi explains why he shared food at Imo cleric’s birthday

Peter Obi explains why he shared food at Imo cleric’s birthday

11/07/2025
Police rescue 28 kidnap victims, detain 10 suspects in Enugu

Suspects in Rivers LG Administrator’s assault now in custody – Police

11/07/2025
China to list innovative drugs for affordability

China to list innovative drugs for affordability

11/07/2025
Philippines lifts ban on Japanese poultry imports

Philippines lifts ban on Japanese poultry imports

11/07/2025
Protest: Eno to reward youths monthly for peaceful ambience in A/ Ibom

Gov. Eno reaffirms commitment to partnership with NAF to fight insecurity

11/07/2025
North Central governors will intervene in Plateau crisis – Gov Sule

Ease of Doing Business: Obtaining C of O now takes only 1 month in Nasarawa – Sule

11/07/2025
Economy Delay payment of June salary to some civil servants being addressed – OAGF

Economy Delay payment of June salary to some civil servants being addressed – OAGF

11/07/2025
  • Home
  • News
    • Security
    • Foreign
  • Business
    • Technology
    • NIMASA & Maritime
  • Entertainment
    • Relationship
    • Style
  • Politics
  • Features
  • Sports
  • Column
    • Opinion
    • Column – Monday
    • Column – Thursday
    • Column – Wednesday
    • column – Friday
Friday, July 11, 2025
  • Login
  • Register
SundiataPost
  • Home
  • News
    • Security
    • Foreign
  • Business
    • Technology
    • NIMASA & Maritime
  • Entertainment
    • Relationship
    • Style
  • Politics
  • Features
  • Sports
  • Column
    • Opinion
    • Column – Monday
    • Column – Thursday
    • Column – Wednesday
    • column – Friday
No Result
View All Result
SundiataPost
No Result
View All Result
Home Business

Buhari’s ban on crypto, Twitter crippled Nigeria’s FDI – Report

by Admin
09/05/2022
in Business
245 7
0
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter
•Foreign Direct Investment

ABUJA – A report just released has stated that the Muhammadu Buhari Administration’s restrictions on cryptocurrency transactions and the ban of Twitter in Nigeria crippled foreign direct investment in the fin‑tech industry and adversely impacted millions of young Nigerians earning a living from the sector.

The report was titled ‘Africa’s Urbanisation Dynamics 2022: The Economic Power of Africa’s Cities’. The work was published under the aegis of the Secretary-General of the Organisation for Economic Co‑operation and Development and the Secretary-General of the United Nations, with support from the African Development Bank.

According to the report, young people engage in jobs in the tech sector to survive but this can be adversely affected by varying government policies.

The report read in part, “Jobs in the tech sector range from creating apps, trading digital currencies, operating in social media marketplaces, to freelancing and gig work. By doing this, many young people are able to plug into the global economy and make enough to get by. However, this involves the expense of data and devices, and can be frustrating when arbitrary government policies are enacted.”

It added, “The restrictions on cryptocurrency transactions and the outright ban of Twitter in Nigeria have crippled foreign direct investment in the fin‑tech industry and negatively impacted millions of young Nigerians who earn a living from the sector. Many have found a way, however, to lawfully bypass these restrictions and continue business, effectively denying Nigeria the taxes and transaction fees that would otherwise come into the system.”

In February of 2021, the Central Bank of Nigeria put a restriction on cryptocurrency transactions in the nation.

It had said, “Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing with cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.”

The central bank ordered banks and other financial institutions to identify persons and entities operating cryptocurrency exchanges and close all such accounts.

In April this year, the apex bank imposed an N800m fine on three Deposit Money Banks in the country for violating regulations barring customers from transacting in cryptocurrencies.

The three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc.

Despite these regulations, Nigeria accounts for the largest volume of cryptocurrency transactions outside the United States., according to Paxful, a Bitcoin marketplace.

Also, the country has the largest proportion of retail users conducting crypto transactions under $10,000, according to Chainalysis.

On June 4, 2021, the Buhari Administration announced the suspension of Twitter after the social media platform deleted a tweet by the President Muhammadu Buhari. Telecommunication companies had on 5 June 2021, blocked access to Twitter after receiving a directive from the Nigerian Communications Commission to that effect.

The ban was lifted after seven months on 13 January 2022, with Twitter agreeing to conditions set out by the government for its service to be restored in the country.

However, according to the NetBlocks Cost of Shutdown Tool, Nigeria’s economy lost N104.02m ($250,600) every hour of the ban on Twitter. The 222-day ban caused the country an economic loss of about N554.22bn.

The Lagos Chamber of Commerce and Industry, in January, added that the Nigerian economy lost N10.72tn to the suspension of the micro-blogging platform, Twitter.

It was reported in March this year that the value of capital importation into Nigeria fell by 30.78 per cent from $9.68bn in 2020 to $6.7bn in 2021, according to data from the National Bureau of Statistics. (PUNCH)

Share this:

  • Tweet
  • Click to print (Opens in new window) Print
  • Click to share on Telegram (Opens in new window) Telegram
  • Click to email a link to a friend (Opens in new window) Email
  • Click to share on WhatsApp (Opens in new window) WhatsApp
Tags: Access BankCBNMuhammadu BuhariTwitter ban
Share196Tweet123
Admin

Admin

https://sundiatapost.com/wp-content/uploads/2025/01/cbn-gocashless.mp4

For more news updates and commentaries click below to join us on WhatsApp

PAY ATTENTION: Follow Sundiata Post on WhatsApp so you don’t miss breaking news and commentaries. Click HERE TO JOIN US NOW!!!

SundiataPost

Copyright ©2024 SundiataPost. Website - 08067783809

Navigate Site

  • About
  • Advertisement
  • Privacy Policy
  • Contact Us
  • The Team

Follow Us

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • Security
    • Foreign
  • Business
    • Technology
    • NIMASA & Maritime
  • Entertainment
    • Relationship
    • Style
  • Politics
  • Features
  • Sports
  • Column
    • Opinion
    • Column – Monday
    • Column – Thursday
    • Column – Wednesday
    • column – Friday

Copyright ©2024 SundiataPost. Website - 08067783809