At Slot, a popular phone retailer outlet, at the Ikeja Computer Village, Lagos, a young woman on window shopping was almost crying out her life as she couldn?t find her Samsung Galaxy phone.

Probably, stolen by a pickpocket, the phone was switched off and gone forever.

Her uncontrolled lamentation stems from the fact that the phone was a birthday gift and has tripled in price since August last year when her late soldier brother sent it to her, she disclosed while crying.

Yemi Adetayo, a primary school teacher in Lagos, also had a hectic day moving from one phone shop to another, just to see if she could get a cheaper phone.

?Madam, you cannot get a good Android phone for N80,000. Buy now because the price will increase as dollar is rising,? a dealer admonished her.

Adetayo, who earns N40,000 monthly, needs an Android phone because of the apps that enable her to teach and communicate with pupils and parents.

Sadly, she went back without buying and to save meticulously for the phone as her school does not care how she gets the phone despite the peanut salary she earns.

Meanwhile, across the many phone shops in the country, many potential buyers are becoming window shoppers as the incredible hike in the prices of different brands scare them from buying.

?Oga, do you say N380,000. Why, from N130,000 last year,? a potential buyer screamed on hearing the price of a Samsung phone at Jabi Mall in Abuja recently.

?I lost my phone recently and went to Ikeja to purchase a new one, the prices of smartphones I saw were scary and unaffordable. When I asked them why the high prices, they were blaming the naira to dollar rate. Eventually, I settled for a fairly-used phone. I can?t use all my money to buy phone,? Lola Odunkoya, a business owner, said.

Similarly, Shola Ogundimu, a marketer, said that he often changes his phone every year before, but with the current situation he had decided to reverse that plan. He noted that it would be insensitive for him to talk of changing phones when he could not meet other needs or pay essential bills and school fees.

?I have forgotten about changing phones for now, I pray I don?t lose the one I have, survival is more important.

?This government has made things increasingly difficult, but we can?t blame the sellers, I think the problem is the exchange rate,? he said.

Prices of smartphones in Nigeria have increased by as much as 86 percent between 2022 and 2024.

The mid-range Samsung Galaxy A52 went from ?166,000 in 2022 to over ?300,000 in 2023, and N819,000 in 2024.

But iphones are pricier, up to N1 million, TECNO, a once cheaper brand is now competing with Samsung in pricing, while lesser brands are equally very expensive now.

The International Data Corporation?s (IDC) analysis of Nigeria?s smartphone market blamed the skyrocketing prices on shortage of foreign currency and inflation.

In line with that Azubike Olisaemeka, a phone, computer and accessories importer, also blamed the situation on high foreign exchange rate and devaluation of the Naira.

?The very unstable exchange rate is our biggest challenge and reason phones are expensive. We import in dollar and sell in naira. We pass the price differences and expenses to the retailers, who push it further down to the users. Dollar is going to N2000 or even N2500, so also the prices phone and every item that is imported like petrol,? he explained.

As well, phone dealers have also reported a significant drop in patronage in the last one year, as a result of the skyrocketing prices of imported smartphones.

Tunde Salami, a phone dealer, said that sales dropped significantly unlike before the currency devaluation and the current economic crisis in the country.

He noted that although some people could still afford expensive smartphones, he had to change a large portion of his recent purchase to reflect the reality of the economy.

?Many people cannot afford these phones again, especially the Apple iphone, whose latest can go to a million plus with the current exchange rate, and you don?t blame anyone.

?We sell what we buy, but I have changed my stock recently to sell more fairly-used phones, though they come with their problems, but some people still prefer to buy them because they are cheap?, Salami said.

But at the presentation of the Oppo Reno 11 5G recently, Folasade Omonijo, Oppo?s marketing nanager, said that fluctuations in the price of smartphones have been hectic especially with phone prices changing within hours.

She, however, noted that the smartphone manufacturer is still finding a way to keep sales up despite high prices.

Emerging alternative

Many are turning to the second-hand market, opting for refurbished models to save on costs.

Some, like Blessing Ayodele, a hairdresser in Abuja, are saving meticulously to acquire smartphones now.

Her strategy has been to put aside N500 every day from her tips. ?It took almost eight months, but I finally got it,? she said. ?I treat it like my child; I don?t want to lose it.?

Also, many Nigerians have a diverse new ways of purchasing expensive smartphones with the current inflation and drop in purchasing power.

Some financing schemes are offering respite by allowing individuals to acquire their desired device by making initial deposits and spreading the remaining balance over a period of time.

Also, some electronic commerce platforms, gadgets platforms, and banks have introduced such financing options, which are gradually gaining popularity.

Eno Luke, a teacher, said that she purchased his smartphone recently with a phone vendor in Lagos with the scheme, noting that there was no way she could afford to pay all the money at once.

?After I dropped my details to them and made half payment, I got the phone. I am using it now and to finish payment in four months with small interest. It is a system that we should encourage for purchasing other items,? she said.

Manish Pravinkumar, senior consultant for Middle East and Africa at Canalys said the shift towards budget-friendly options has shown that vendors are striving to meet market demand.

Pravinkumar argued that device financing and local manufacturing is crucial to ensure more people get access to smartphones.

?In sub-Saharan Africa, device financing is emerging as a critical driver, making smartphones more accessible to the average consumer?.

The way out for Chidi Egeonu, a laundry man in Asaba and his wife, is to use non-Android phones, which are cheaper.

So also is Gloria Umukotete, from Ughelli, Delta State.

?To replace my Android phone I will have to spend between N300,000 and N400,000. Compared to the new minimum wage, it means the cost of a phone is more than the salary of the Nigerian worker.

?I bought the phone I am using now for N15,000 and another person said he bought for N20,000. That is to tell you that there are no cheap phones in Nigeria now. All phones are expensive,? she said.

The only regret Umukotete has is that she has not been very active on social media since using non-Android phone.

?From January till now, I have not been very active on social media because I cannot afford to buy a smartphone.

?I bought the phone I am using now for N15,000 and another person said he bought for N20,000. That is to tell you that there are no cheap phones in Nigeria now. All phones are expensive,? she said.

Security and theft risks

As phones become more expensive, they have also become prime targets for theives. Phone theft, particularly in crowded areas like markets and bus stops, is on the rise.

According to local security reports, the uptick in pickpocketing and phone snatching incidents reflects the economic strain many are under. ?People walk around clutching their phones like they are gold,? Akin Oladipo, a mobile technician, said.

?It is becoming common to see customers who need repairs or screen guards immediately after purchase?no one wants to risk losing or damaging what they saved so long for.?

The risks extend beyond theft to the potential loss of critical personal information or work documents.

Amaka Obi, a 27-year-old startup owner, recently had her phone stolen on a bus. ?Everything was there; my work and my contacts. Losing it was more than just losing a phone; it felt like losing my business,? she said.

It would be recalled that when the Global Systems for Mobile Communications (GSM) debuted in the Nigerian market on August 6, 2001, it was a luxury, which only those with the means could afford.

Then, both the phones and SIM cards were quite expensive until fierce scramble for subscribers among telecom companies and flooding of the market with cheaper phone brands ensued the needed respite, with some people even having up to three phones.

Sadly, the experience of the early days of GSM is back as good phones are out of the reach of many who need them today.

Moreover, with Nigeria?s headline inflation rate increasing monthly and exchange rate, also soaring to new heights, the hope of buying cheap smartphones is dashed as pricing is based on market forces, especially exchange rate, some economy experts concluded.

In a simple term, the new minimum wage cannot buy a smartphone, and those who need these phones as tools for their work and cannot afford them, are the most impacted. (BusinessDay)

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