In a striking reflection of the rising cost of luxury goods in Nigeria, the price of the newly released iPhone 16 has soared to match the cost of 16 bags of rice, a staple food for many Nigerian households.
The iPhone 16 unveiled on Monday, September 9, 2024, starts at $799 (N1.319 million) for the 128GB model. The iPhone 16 Plus is priced at $899 (N1.48 million), while the iPhone 16 Pro costs $999 (N1.6 million).
The iPhone 16 Pro Max is the most expensive at $1,199 (N1.9 million).
Presently, a bag of rice costs about N80,000 in the country, nearly equivalent to the new minimum wage of N70,000, which was increased by 133.33 percent in July 2024 after lengthy negotiations.
At this price point, the cost of the cheapest iPhone 16 model is roughly equal to 16 bags of rice. It is also worth 18 months’ salary of a Nigerian minimum wage earner.
Comparing Nigeria to other major African economies, the iPhone 16 is far more expensive for Nigerians.
In South Africa, the phone costs just over three months’ minimum wage ($248.12/month), in Morocco, it’s almost three months’ worth ($285.61/month), in Egypt slightly over five months ($156.57/month), and in Algeria around six months ($140.85/month).
This stark disparity emphasizes the financial challenges many Nigerians face, particularly in the context of the country’s 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 plummeted from N769.51/$1 in July 2023 to N1,580.46/$1 by September 10, 2024.
This steep devaluation has increased the cost of imported goods, including electronics like smartphones, making the iPhone 16 even less affordable for the average Nigerian consumer.
