Effect Of Twitter Ban On Foreign Investors In Nigeria

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Effect Of Twitter Ban On Foreign Investors In Nigeria


Abstract


This study examines effect of twitter ban on foreign investors in Nigeria. using Lagos State as case study. The study adopted a survey research design and with the aid of convenient sampling techniques, 80 participants who are resident of Ikeja Metropolis in Lagos State was enrolled for the study. A well structured questionnaire was issued to the respondent of which a total of 77 responses were received and validated for the study. Data was analyzed using simple percentage as well as frequencies and table.

Findings from the study reveals that the Twitter ban sends a clear message that this is not a safe country for foreign investments. It worsens Nigeria’s reputation as an increasingly volatile political environment, which Nigeria is proving to be. Investors will simply choose Nigeria’s neighbor Ghana, as Twitter has done, or South Africa’s relatively stable economy. The study therefore recommends that Federal Government of Nigeria should endeavour to go back to their drawing board and make necessary amendments to the ban on Twitter usage in Nigeria as this will raise the trust of foreign investors and as well help the staggering economy back to her feet.


Chapter One


Introduction

1.1 Background of the Study

The term “social media” is frequently used to describe new kinds of media that allow for interactive involvement. The evolution of media is often split into two epochs: the broadcast epoch and the interactive epoch. During the broadcast era, media was nearly entirely centralized, with one institution such as a radio or television station, newspaper business, or film production studio disseminating messages to a large audience. Media feedback was often indirect, delayed, and impersonal. Individual contact was generally mediated on a much smaller scale, generally via personal letters, phone conversations, or sometimes on a little larger scale via photocopied family newsletters. Individual contact on a wide scale became simpler for people than ever before as a result of the development of digital and mobile technologies; as a result, a new media age was created, with interactivity at the heart of new media functions. One person could now communicate with a large number of others, and immediate feedback was a possibility. Citizens and customers used to have restricted and sometimes muffled voices, but today they can express their thoughts with a large number of people. Because of the cheap cost and accessibility of modern technology, people now have more choices for media consumption than ever before, and instead of relying on just a few news channels, they can now seek information from a variety of sources and discuss it with others through message boards. Social media is at the heart of this continuing transformation.

All forms of social media use a digital platform, whether it’s mobile or fixed. However, not all digital content is inherently social media. Social media is defined by two qualities. To begin with, social media allows for some kind of engagement. Even though social networking platforms like Facebook enable passive observation of what others are sharing, social media is never entirely passive. At the very least, a profile must be established that enables for the possibility of engagement to begin. That characteristic alone distinguishes social media from conventional media, which does not allow for personal accounts. Second, social media encourage engagement, which is in keeping with their participatory character. This contact may take place with long-time friends, relatives, or acquaintances, as well as with new individuals who have similar interests or even belong to the same acquaintance group. Although many social media platforms were or are originally seen as new, as they grow more incorporated into people’s personal and professional life, they become less noticeable and more anticipated.


1.2 Statement of Research Problem

Nigeria government placed a ban on twitter on the 4th of june 2021, For the second time in six months, a major government announcement is causing startup founders and investors to ponder the effect of politics and sudden regulation on doing business in Nigeria. In February, it was the Central Bank of Nigeria’s ban on cryptocurrency transactions. This time it is the ban on Twitter, a social media platform that has been used for everything from crowdsourcing pro-bono lawyers for people in distress and finding missing persons, to raising capital. On January 11 this year, the Cowrywise team received a direct message from Sahil Lavingia, a tech entrepreneur and angel investor from Silicon Valley. He had learned about the savings and wealth management startup and wanted to invest, so he reached out the best way he could via Twitter. Two weeks and two days later, Cowrywise closed a $3 million pre-seed round. It was led by Quona Capital, a multinational investment firm, with Lavingia and other investors participating. “The power of Twitter,” Lavingia declared after the announcement. “The timing of this DM was just perfect…” Razaq Ahmed, Cowrywise’s CEO, said. In a different decade, startup fundraising in Africa involved long-distance travels. Primed by stories of fake companies and phantom Nigerian princes, investors needed to physically verify business authenticity, assess startup-investor chemistry and speak to customers. In 2021, investing in Nigeria can take one DM. But this ease and perfection is now under threat. Twitter ban has thereby affected the way international community view Nigeria and has also sent a wrong signal to foreign investors as they feel they can not open a tech company in Nigeria example of which is Ghana where the CEO of twitter chose as the headquaters of twitter in Africa . this has sent signal to the international community and tech investors as a whole that Nigeria is not a fully democratic Nation where freedom of speech and other forms of human rights are not respected.


1.3 Objectives of the Study

The primary objectives of the study is as follows

  1. To find out the causes of twitter ban in Nigeria.
  2. To find out the effect of twitter ban on foreign technological investors coming to invest in Nigeria
  3. To find out the impact of the ban on twitter on Nigerian twitter users
  4. To find out if twitter ban can be lifted and also ways to woo tech investors to Nigeria

1.4 Research Questions

The following questions have been prepared for the study

  1. Do you think there are causes and effect of twitter ban in Nigeria.?
  2. Do you think the ban on twitter has positive or negative effect on foreign investor?
  3. What are the impact of the ban on twitter on Nigerian twitter users
  4. Do you think twitter ban can be lifted in Nigeria

1.5 Significance of the Study

The significance of this study cannot be underestimated as:

  1. This study will examine stress management practices of career women in Lagos state Nigeria.
  2. The findings of this research work will undoubtedly provide the much needed information to government organizations, career women, companies and academia.

1.6 Scope of the Study

This study examines effect of twitter ban on foreign investors in Nigeria . hence, this study will be delimited to twitter users in lagos state. Nigeria


1.7 Limitations of the Study

This study was constrained by a number of factors which are as follows:

  1. Just like any other research, ranging from unavailability of needed accurate materials on the topic under study, inability to get data
  2. Financial constraint , was faced by the researcher ,in getting relevant materials and in printing and collation of questionnaires
  3. Time factor: time factor pose another constraint since having to shuttle between writing of the research and also engaging in other academic work making it uneasy for the researcher

1.8 Operational Definition of Terms

Effect:

A change which is a result or consequence of an action or other cause

Twitter:

Give a call consisting of repeated light tremulous sounds.

Foreign Investors:

Refers to the investment in domestic companies and assets of another country by a foreign investor


Chapter Five


Summary, Conclusion and Recommendation

5.1 Summary

This study examines effect of twitter ban on foreign investors in Nigeria. using Lagos State as case study. The study sought to find out the causes of twitter ban in Nigeria. it found out the effect of twitter ban on foreign technological investors coming to invest in Nigeria. It unearthed the impact of the ban on twitter on Nigerian twitter users. It inquired on To find out if it is possible for the twitter ban to be lifted in Nigeria.

The study adopted a survey research design and with the aid of convenient sampling techniques, 80 participants who are resident of Ikeja Metropolis in Lagos State was enrolled for the study. A well structured questionnaire was issued to the respondent of which a total of 77 responses were received and validated for the study. Data was analyzed using simple percentage as well as frequencies and table.


5.2 Conclusion

Social media is a significant platform for every business to make a rise in a competitive environment. It provides a crucial tool to seek out potential customers as well as new customers towards any business. Along with the popularity, social media has dominated the traditional ways of marketing methods.

Findings from the study revealed that twitter ban has affected the Nigeria Economy. Most sectors that were affected include Technology companies, free lancers, digital marketers and telecommunication companies and small and medium scale businesses with online presence.

Findings from the study also revealed that Businesses whose operation were basically online via e-commerce found it difficult to connect with their online customers due to the ban, The ban reduced the data usage of internet users hence the profit margin of telecommunications companies were affected, SMEs who do use twitter to run adverts on their brand were restrained by the ban hence might encounter loss of brand recognition. The ban affected the civic societies by shrinking the civic space and shutting the ordinary people from airing their grievances and bringing to public attention, crisis and injustice that has been done to them as well as to seek both institutional and public support, For Digital Marketing and Lancers who run social adverts for other businesses, the ban has retrained them from providing such services on twitter.

Aside the aforementioned effect of twitter ban on Nigeria citizen, the ban has significantly prevent foreign investors from doing business in Nigeria this is because of perceived fear, hostility and a non-friendly economic environment masterminded by the government.


5.3 Recommendation

The damaging effects of the ban on the economy is not one to be swept under the rug. It is now a matter of urgency. Our leaders need to understand the importance of new age applications and have passionate young Nigerians play active roles in leadership. That way, there is a balance of experience and knowledge. If indeed the country is an entity where “they can have business”, then, unless those at the helm of affairs see it as a tool that has created job opportunities, and a tool for expressing differing political views and opinions for the betterment of the country, we might make no headway with the dialogue.

From the findings of the study, the following recommendations were made:

  1. The federal government of Nigeria should endeavour to go back to their drawing board and make necessary amendments to the ban on Twitter usage in Nigeria.
  2. The federal government of Nigeria should recognize that the ban on Twitter is affecting different spheres of the economy. They should adhere to the terms and rules of ECOWAS and revoke the ban since the ban is a bridge of the fundamental rights of the citizens.
  3. All business organizations affected by the ban should utilize other social media platforms as means to create awareness of their product to the public and try more strategic approach to e-commerce to enhance their proficiency.

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