1. How smartphone prices have changed
2. A comparison between smartphone prices vs minimum wage
3. Smartphone prices today

Between August and September 2024, smartphone prices in Nigeria have increased by over 50% owing mainly to the country’s struggling currency exchange regime. The value of the nation’s currency, the Naira, has significantly declined against the dollar, leading to higher costs for imported electronics, particularly smartphones.

How smartphone prices have changed

Apple’s iPhones, long considered premium products, have become more unattainable for the average Nigerian. The iPhone 15, released in 2023, now sells for ₦900,000. With the persistent currency devaluation, this price is expected to increase by 25% to 30%. September has also seen significant price hikes for Samsung’s mid-range models. For instance, the Galaxy A34 has surged to ₦300,000, while the Galaxy S23 series starts at ₦1,114,000. Infinix, historically catering to budget-conscious consumers, has also seen price increases. The Infinix Note 30 Pro, released in mid-2023, now costs ₦270,000.

A comparison between smartphone prices vs minimum wage

Nigeria’s population is increasingly tech-savvy, with more citizens embracing smartphones as essential tools for personal and professional activities. In 2023, it was reported that about 44% of Nigerians had access to smartphones, and this percentage is expected to rise steadily. According to Statista, by 2025, the number of smartphone users in Nigeria will exceed 140 million. Despite this, more Nigerians are gradually being excluded from the ability to own a decent smartphone. For example, a minimum wage earner would need to save every penny of their salary for 18 months to afford the newly released iPhone 16, which starts at ₦1.26 million for the base 128GB model.

Smartphone prices today

Here are the current prices of selected smartphone models. iPhone 16 (128GB) – ₦1.26 million, iPhone 16 Plus – ₦1.42 million, Google Pixel 6 Pro 12GB 512GB – ₦1,145,910.21, Infinix Hot 40 Pro 8GB 256GB – ₦312,650.00, Tecno Camon 30 12GB 256GB – ₦463,710.00, Samsung S24 Ultra 12GB 1TB – ₦2,904,070.00. These prices highlight the growing divide between the average Nigerian’s income and the cost of owning a modern smartphone.

The sharp increase in smartphone prices in Nigeria highlights the economic struggles faced by many citizens. Due to the depreciation of the Naira and the rising cost of imported electronics, purchasing a new phone has become more of a luxury than a necessity for many Nigerians.