The Nigerian economy remains very fragile due to a combination of slow growth and vulnerability to changes in external conditions, especially oil price fluctuations, the Nigerian Economic Summit Group , has said.
As in other economies worldwide, the COVID-19 pandemic has had a tremendous impact on the Nigerian economy. In 2020, Nigeria slipped into its second recession in five years, with a GDP contraction of 3.6% in the third quarter of 2020. Unemployment rate rose to 33.3% in the fourth quarter of 2020, about 8.6 million Nigerians were estimated to have fallen into poverty in 2020, and about 13 million children were out of school.
For many of these businesses, social media platforms have become a veritable tool for engaging existing and potential clients over the years. As a result, platforms like Twitter which has about 17 million active users in Nigeria, have become a community for businesses and clients to exchange ideas, share progress, and address complaints towards optimal service delivery.
In addition to the negative effect of the suspension on investments, small businesses that engage in digital trade will be gravely affected, raising further concerns on unemployment, poverty, insecurity, and our economy’s attractiveness. Against this background, the NESG urges the Federal Government to reconsider this decision and rescind the suspension to foster inclusive development, global competitiveness, and much faster economic growth in Nigeria.
Una still dey use Twitter 😂
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