Nigeria’s position as Africa’s second-largest smartphone market is under pressure, with just a 1% growth recorded in Q3 2024. Canalys, a global tech market analysis firm, attributes the sluggish growth to the naira’s sharp depreciation—over 60% from January to September 2024—which has weakened consumer purchasing power amidst broader economic challenges.
While the African smartphone market expanded by three percent year-on-year, reaching 18.4 million units in Q3 2024, Nigeria’s growth lagged, threatening its digital inclusion goals.
Smartphones remain vital for enabling digital connectivity, but escalating prices due to the naira’s decline—from N470/$ in mid-2023 to N1658.67/$ by November 2024 – have pushed them out of reach for many Nigerians.
In contrast, Egypt demonstrated the success of localized production, achieving 34 per cent growth for the third consecutive quarter. By reducing import reliance, Egypt slashed its smartphone import bill by 99 per cent to $1.65 million in H1 2024 compared to 2021, solidifying its position as Africa’s fastest-recovering market.
South Africa and Kenya, traditionally strong players, experienced declines of 10 percent each, driven by economic uncertainties and production challenges. Morocco also saw a significant 24 per cent contraction due to rising import taxes.
Despite these challenges, Transsion maintained dominance in Africa’s smartphone market, capturing 50 per cent market share, bolstered by the affordability of its iTel, Infinix, and TECNO brands. Meanwhile, Samsung faced a 30 percent decline, and Xiaomi posted 13 percent growth, leveraging cost-effective models like the Redmi 14C in Nigeria and Egypt.