The cost of the new iPhone 16 in today’s market is equivalent to at least 16 sacks of rice for a Nigerian considering buying one.The 128GB form of the iPhone 16, which was unveiled on Monday, costs $799 (N1.319 million).
The cost of the iPhone 16 Pro is $999 (N1.6 million), while the iPhone 16 Plus is priced at $899 (N1.48 million). At $1,199 (N1.9 million), the most costly smartphone is the iPhone 16 Pro Max.
A bag of rice currently costs approximately N80,000 in the nation, which is almost equal to the new minimum wage of N70,000, which increased by 133.33 percent in July 2024 following protracted talks.
The least expensive iPhone 16 model at this price range is about the same as sixteen sacks of rice. Additionally, it is equivalent to a Nigerian minimum wage worker’s 18 months’ pay.
Nigerians must pay significantly more for the iPhone 16 when compared to other major African economies. The phone bill is slightly more than three months’ minimum income in South Africa ($248.12/month), over three months’ worth in Morocco ($285.61/month), slightly more than five months in Egypt ($156.57/month), and roughly six months in Algeria ($140.85/month).
This glaring difference highlights the financial difficulties that many Nigerians encounter, especially in light of the nation’s currency rate issues.
The naira has depreciated dramatically since the government unified the foreign exchange market, making it one of the worst-performing currencies in the world. By September 10, 2024, the currency rate has fallen from N769.51/$1 in July 2023 to N1,580.46/$1.
The cost of imported items, especially electronics like cellphones, has soared due to this sharp devaluation, making the iPhone 16 even more expensive for the typical Nigerian consumer.
