The latest iPhone 16, unveiled on Monday, has caused quite a stir in Nigeria due to its high price, which is equivalent to the cost of 16 bags of rice in the country. This comparison highlights the financial strain many Nigerians face when trying to purchase luxury items like smartphones, especially in the current economic climate.
The iPhone 16 starts at $799, which translates to approximately N1.319 million for the 128GB model. The iPhone 16 Plus is priced higher at $899 (N1.48 million), while the iPhone 16 Pro costs $999 (N1.6 million). The most expensive model, the iPhone 16 Pro Max, is priced at $1,199, which is around N1.9 million.
To put this into perspective, a bag of rice in Nigeria currently costs about N80,000. This price is nearly equivalent to the country’s new minimum wage of N70,000, which was increased by 133.33 percent in July 2024 after lengthy negotiations. For the average Nigerian, purchasing the cheapest iPhone 16 model would be equivalent to buying 16 bags of rice, or earning 18 months’ worth of minimum wage.
This stark reality underscores the financial challenges many Nigerians face. The comparison becomes even more striking when looking at other major African economies. In South Africa, the iPhone 16 costs just over three months’ minimum wage ($248.12/month), in Morocco, it’s nearly three months’ worth ($285.61/month), in Egypt slightly over five months ($156.57/month), and in Algeria around six months ($140.85/month). For Nigerians, however, the device’s cost represents a much larger financial burden.
The high price of the iPhone 16 in Nigeria is closely linked to the country’s ongoing foreign exchange struggles. Since the government unified the forex market, the naira has significantly devalued, making it one of the weakest-performing currencies globally. The exchange rate dropped sharply from N769.51/$1 in July 2023 to N1,580.46/$1 by September 10, 2024.
This steep devaluation has driven up the cost of imported goods, including electronics like smartphones, making the iPhone 16 even less affordable for the average Nigerian consumer. “The weakening naira and rising cost of living have made it increasingly difficult for many Nigerians to afford luxury items,” commented a local economist. “The price of the iPhone 16 is a clear example of how global economic changes can directly impact the daily lives of people in developing countries.”
As the naira continues to lose value, the gap between the cost of living and income levels in Nigeria widens, leaving many citizens to make difficult choices about how to spend their money. For many, the idea of purchasing an iPhone 16, which could instead buy 16 bags of rice or cover 18 months of minimum wage, seems out of reach.
The high cost of the iPhone 16 in Nigeria has sparked discussions about the broader implications of currency devaluation and its impact on the affordability of goods and services for everyday Nigerians. As the country grapples with these economic challenges, the price of luxury items like smartphones serves as a stark reminder of the financial hurdles many people face in their daily lives.