Naira Stability Drives Nigeria’s Smartphone Market to Multi-Year High
Nigeria’s smartphone market has recorded its fastest growth in over a year, expanding by 10 percent in the second quarter of 2025, according to Canaly. This follows a 7 percent decline in the first quarter, reflecting how quickly demand can recover once economic conditions improve.
The stabilizing value of the Nigerian naira is a key factor behind this surge. After months of volatility that made imported devices significantly more expensive, the steadier naira has improved affordability, enabling more Nigerians to purchase smartphones. Moderating inflation has also contributed, allowing households to spend on digital devices in addition to essential needs.
Budget-friendly brands such as Transsion’s Tecno, Itel, and Infinix dominate the market, targeting price-sensitive consumers with devices under US$100.
Device‑financing schemes are further driving growth. Buy‑Now‑Pay‑Later (BNPL) and Pay‑As‑You‑Go (PAYGO) plans offered by vendors and financial platforms let consumers spread payments over several months, lowering the barrier for first-time buyers. This has particularly helped lower- and middle-income households gain access to smartphones.
Smartphones remain the primary gateway to the internet for most Nigerians. As device ownership grows, digital inclusion is expected to expand, enabling broader access to mobile internet services, education, e-commerce, and social connectivity.
The current rebound demonstrates the resilience of Nigeria’s technology market, highlighting the potential for sustained growth if macroeconomic stability continues and financing schemes remain accessible.
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