EFFECT OF TWITTER BAN ON FOREIGN INVESTORS IN NIGERIA
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EFFECT OF TWITTER BAN ON FOREIGN INVESTORS IN NIGERIA
Chapter one
INTRODUCTION
Background of the study.
The term “social media” is commonly used to characterise new forms of media that enable interactive participation. The evolution of media is sometimes divided into two epochs: the broadcast and the interactive epoch.
During the broadcast era, media was almost fully centralised, with a single institution, such as a radio or television station, newspaper company, or film production studio, delivering messages to a huge audience.
Media reaction was frequently indirect, delayed, and impersonal. Individual interaction was typically mediated on a much smaller scale, through personal letters, phone calls, or, on a somewhat larger scale, photocopied family newsletters.
Individual contact on a large scale became more accessible to people than ever before as a result of the advancement of digital and mobile technologies; as a result, a new media age was born
with interactivity at the centre of new media functions. One individual could now communicate with a huge group of others, and immediate feedback was possible.
Citizens and customers used to have limited and sometimes muted voices, but now they may share their ideas with a big group of people. Because of the low cost and accessibility of modern technology, individuals today have more media consumption options than ever before
and instead of relying on a few news channels, they may seek information from a number of sources and discuss it with others via message boards. Social media is at the centre of this ongoing shift.
All kinds of social media rely on a digital platform, whether mobile or fixed. However, not all digital information is necessarily social media. Social media is defined by two characteristics. To begin with, social media allows for some level of engagement.
Even though social networking platforms like Facebook allow for passive viewing of what others are sharing, social media is never truly passive. At the very least, a profile must be built so that engagement can begin. That feature alone distinguishes social media from traditional media, which does not allow for personal profiles.
Second, social media encourages involvement, which is consistent with their participatory nature. This contact may occur with long-term friends, relatives, or acquaintances, as well as with new people who share similar interests or belong to the same acquaintance group.
Although many social media platforms were or are initially perceived as novel, as they become more integrated into people’s personal and professional lives, they become less noticeable and more anticipated.
Statement of Research Problem
The Nigerian government banned Twitter on June 4, 2021. For the second time in six months, a big government decision has prompted startup owners and investors to consider the impact of politics and unexpected regulation on doing business in Nigeria. In February, the Central Bank of Nigeria issued a ban on bitcoin transactions.
This time, Twitter is being banned, a social networking tool that has been utilised for everything from crowdsourcing pro bono lawyers for people in need to identifying missing people and generating funds.
On January 11, this year, the Cowrywise team received a direct message from Sahil Lavingia, a Silicon Valley-based software entrepreneur and angel investor.
He had heard about the savings and wealth management firm and wanted to invest, so he contacted out the best way he could: through Twitter. Two weeks and two days later, Cowrywise closed a $3 million pre-seed financing. It was led by Quona Capital, an international investment firm, with Lavingia and other investors taking part. ”
The power of Twitter,” Lavingia stated following the announcement. “The timing of this DM was just perfect…” Cowrywise’s CEO, Razaq Ahmed, explained. In a different decade, startup financing in Africa required long-distance travel.
After hearing stories about fraudulent companies and phantom Nigerian princes, investors wanted to physically check business credibility, assess startup-investor chemistry, and interact with customers. In 2021, investing in Nigeria will cost one DM.
However, this comfort and perfection are now under threat. Twitter’s ban has influenced how the international community perceives Nigeria, as well as sending the wrong signal to foreign investors who believe they cannot build a tech firm in Nigeria, such as Ghana, where the CEO of Twitter chose as the company’s headquarters in Africa.
This has conveyed a message to the international community and tech investors alike that Nigeria is not a genuinely democratic country where freedom of speech and other sorts of human rights are not protected.
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