Experts Estimate How Many Months Nigerian Worker Needs to Save to Afford The New iPhone 16

• An average minimum wage earner from Nigeria will need at least 18 months of uninterrupted pay to afford the new iPhone 16
• The newly launched iPhone 16 phones range from N1.42 million to N1.82 million 
• The Nigerian government recently increased the country’s minimum wage from N30,000 to N70,000, representing a 133.33 increase

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

A minimum wage earner in Nigeria would need to save each of his earnings for 18 months to afford the new iPhone 16.

The iPhone 16 price, unveiled on Monday, September 9, 2024, starts at $799, approximately N1.26 million at N1,580 per dollar for the 128GB model. 

The iPhone 16 Plus costs about $899 (N1.42 million, the iPhone 16 Pro costs about $999, approximately N1.58 million, and the iPhone 16 Pro Max is $1,199 (N1.89 million).

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FG’s new minimum wage cannot afford new iPhone

After months of negotiations, the Nigerian government increased the country’s minimum wage by 133.33% to N70,000 (44.29) from N30,000 in July.

With this wage, the cheapest iPhone 16 model is about 18 months of minimum earnings of a worker in Nigeria.

iPhone 16 prices across Africa

Comparatively, the cost of the iPhone 16 is lower in other African countries. In South Africa, the new iPhone would cost about three months of minimum wage at $248.12 monthly; in Morocco, it will take a worker almost three months to afford the latest iPhone at $285.61 monthly.

Workers in Egypt will have to work a little over five months at $156.57 monthly to afford the new iPhone, and in Algeria, workers will need almost six months of minimum wage pay at $140.85 monthly to afford the new iPhone 16.

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These differences show Nigeria’s economic challenges, worsened by the foreign exchange unification, which has caused the rise in phone prices.

The Nigerian naira has become one of the worst-performing currencies globally, falling from N769.51 in July 2023 to N1,637 as of September 10, 2024.

Nigerians opt for fairly used phones

Phone sellers say that the higher the dollar prices are, the higher the phone prices will be, as all the phones are imported into the country.

BusinessDay reports that Canalys, a tech market analyst company, said iPhones account for less than one per cent of Nigeria’s smartphone market, while Chinese brands from the Transsion Group dominate it.

Legit.ng earlier reported that Chinese brands from the Transsion Group and Xiaomi have become dominant market leaders in the smartphone market in Nigeria, especially in the entry-level segment.

Data from the International Trade Centre shows that Nigeria has spent about $3.82 billion on phone imports since 2009, with $2.88 billion coming from China.

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Due to rising prices, many Nigerians now opt for refurbished or fairly used smartphones.

International Data Corporation (IDC) said the used smartphone market grew by 9.5 in 2023.

Apple unveils iPhone 16 with new cool features

Legit.ng earlier reported that Apple’s newly launched iPhone 16 was built for Artificial Intelligence (AI) from the ground up.

Apple unveiled the phone at its most significant event of the year amid announcements, including the iPhone 16 family and other AI-related updates for iOS 18.

The iPhone 16 joins the league of many AI-enabled devices launched in 2024.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng