The minister says Twitter's actions are capable of undermining Nigeria's corporate existence.
The announcement was made by Nigeria's Information and Culture Minister, Lai Mohammed.
The suspension is indefinite.
This week, Twitter deleted one of President Muhammadu Buhari's tweets for violating its platform rules, following reports from multiple users.
Mohammed had immediately queried Twitter's action.
Mohammed cited the "persistent use of the platform for activities that are capable of undermining Nigeria's corporate existence," as reason for the suspension.
"The Minister said the federal government has also directed the National Broadcasting Commission (NBC) to immediately commence the process of licensing all OTT and social media operations in Nigeria," according to a statement signed by Segun Adeyemi, Special Assistant To The President (Media) in the Office of the Minister of Information and Culture.
Nigeria's federal government has been at odds with Twitter and other social media platforms, since the #EndSARS protests against police brutality in Africa's most populous nation.
Government spokespersons immediately decried how Twitter allowed its platform to be used by young protesters to create awareness, draw more support and raise money.
Nigeria's burgeoning youthful population has often found expressions against hare-brained, draconian government policies through Twitter.
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