“iPhone 16 Price Tag Equivalent to 16 Bags of Rice for Nigerians
The latest iPhone 16 series has finally arrived, but its steep price tag may leave many Nigerians wondering if it’s worth the cost. With prices starting at $799 (N1.319 million) for the 128GB model, the iPhone 16 series is equivalent to at least 16 bags of rice in today’s market.
Here’s a breakdown of the prices:
· iPhone 16 (128GB): $799 (N1.319 million)
· iPhone 16 Plus: $899 (N1.48 million)
· iPhone 16 Pro: $999 (N1.6 million)
· iPhone 16 Pro Max: $1,199 (N1.9 million)
Will the latest iPhone features be enough to justify the hefty price tag for Nigerian consumers?”
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.
“iPhone 16: A Luxury Only Few Nigerians Can Afford
Compared to other major African economies, the iPhone 16 is significantly more expensive in Nigeria, highlighting the country’s financial challenges. Here’s a comparison of the iPhone 16’s cost in terms of minimum wage:
· Nigeria: 18 months’ minimum wage (N1.319 million)
· South Africa: 3 months’ minimum wage (approximately $248.12/month)
· Morocco: 3 months’ minimum wage (approximately $285.61/month)
· Egypt: 5 months’ minimum wage (approximately $156.57/month)
· Algeria: 6 months’ minimum wage (approximately $140.85/month)
Nigeria’s struggle with foreign exchange has led to a significant devaluation of the naira, making imported goods like smartphones even more unaffordable. The exchange rate has plummeted from N769.51/$1 in July 2023 to N1,580.46/$1 by September 10, 2024, further widening the gap between the country’s economic reality and the luxury of owning an iPhone 16.”
