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You are at:Home»Science & Technology»Smartphone import slows as consumers’ naira power shrinks
Science & Technology

Smartphone import slows as consumers’ naira power shrinks

August 22, 2024No Comments4 Mins Read
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Smartphone shipments into Nigeria grew by a modest five percent in the second quarter of 2024, hampered by persistent inflationary pressures, currency risks, sluggish GDP growth, and decreasing disposable income.

“We import our phones, and higher dollar prices mean higher prices,” said Ifeanyi Akubue, president of the Phone and Allied Product Dealers Association of Nigeria (PAPDAN).

This situation has led to a decline in smartphone demand, essential tools for enhancing digital inclusion in the country. Smartphone prices have surged by up to 86 percent between 2022 and 2023, driven by volatile naira and soaring inflation, which reached 33.40 percent in July 2024.

Manish Pravinkumar, senior consultant for Middle East and Africa at Canalys, recently told BusinessDay, “The rising cost of living, driven by record-high inflation, has weakened the purchasing power of many Nigerians, increasing demand for entry-level phones.”

Despite these challenges, Nigeria remained the leader in smartphone shipment volumes on the continent, according to Canalys’ latest research on the African smartphone market. The market saw a 6 percent year-on-year growth to 17.8 million units in Q2 2024.

The global technology market analyst firm noted that the continent’s robust double-digit recovery over the previous three consecutive quarters has slowed due to macroeconomic volatility, including heightened inflation risks and renewed currency pressures caused by lingering geopolitical tensions and political stability concerns related to elections.

Read also: Global smartphone demand down despite shipment growth — IDC

North African markets led the continent in double-digit growth, with Algeria experiencing a 52 percent growth and Egypt a 27 percent rise in shipments. In contrast, Morocco saw a 24 percent decline.

Only South Africa achieved notable growth, at 13 percent in the Sub-Saharan region. Nigeria’s growth was 5 percent, and Kenya recorded a 22 percent decline.

Canalys emphasised that rising living costs are driving consumers toward budget-friendly options, and phone vendors are striving to meet this market demand.

“Vendors leveraged the cost advantages carried over into the first half of the year to drive volume, resulting in an impressive 42 percent growth for sub $100, and 33 percent of the shipment was attributed to the price band,” said Pravinkumar in the company’s Q2 assessment.

Transsion continued to dominate the market with a 51 percent share, though it also felt the slowing market’s impact, with growth dipping to just 1 percent. According to the International Trade Center (ITC), Nigerians have spent $2.83 billion on telephone imports from China since 2019.

Akubue of PAPDAN noted, “Chinese phones are leading the market due to their availability and price.”

However, despite holding a 19 percent market share, Samsung saw shipments plummet by 25 percent as its focus on its entry-level models waned. Xiaomi, in contrast, bucked the trend with a 45 percent surge, reaching a record-high 12 percent regional market share in Q2. This was driven by its focus on Nigeria and Egypt, alongside aggressive sales tactics and on-the-ground investments.

Other vendors, such as Realme, recorded a 137 percent growth, and OPPO saw a 39 percent growth. Despite the growing penetration of smartphones on the continent, feature phones still maintain a substantial 52 percent market share.

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

He stated, “In sub-Saharan Africa, device financing is emerging as a critical driver, making smartphones more accessible to the average consumer… Over the long term, local manufacturing will be key to reducing costs. While countries like Egypt are taking the lead, other regions are expected to follow suit. Addressing broader challenges such as consumers’ willingness to pay, digital literacy, high taxation on devices, and currency fluctuations will be essential for unlocking the full potential of smartphone adoption across Africa.”

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