Twitter (TWTR) will resume its operations in Nigeria from midnight on 13 January 2022. Reuters reports that a ban on the social networking company has been lifted after it agreed to open a local office, among other concessions. TWTR shares fell 1.01% to close at $40.25 on January 13.
Twitter is a social networking company offering a platform that connects users to a network of people, ideas, news, and information. Twitter’s earnings report for Q4 2021 is scheduled for February 10, 2022.
The resumption of services brings to an end a long-running standoff that started in June of last year after Twitter removed a post by President Muhammadu Buhari. In the post, the president threatened to punish regional secessionists. The removal of the post resulted in the Nigerian government suspending Twitter and telecom companies blocking access to users.
Kashifu Inuwa Abdullahi, the Director-General of the National Information Technology Development Agency, says Twitter can resume operations after President Buhari agreed to lift the ban. The social networking company consents to acknowledge the country’s law and national culture.
Reuters reports that Twitter has agreed to work with the federal government and the broader industry to develop a code of conduct in line with global best practices. In addition, the U.S. company has agreed to appoint a country representative tasked with engaging with the Nigerian authorities. He will also ensure the company complies with local tax obligations.
Earlier this week, Truist analyst Youssef Squali reiterated a Buy rating on Twitter stock and lowered the price target to $60 from $80, implying 49.07% upside potential to current levels.
Consensus among analysts is a Hold based on 6 Buys, 17 Holds, and 2 Sells. The average analyst price target of $64.13 implies 59.33% upside potential to current levels.
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