The Nigerian smartphone market is expected to grow annually by a 6.34% Compound Annual Growth Rate (CAGR 2023-2028) which will amount US$12.8bn in 2028. This is according to report from one of the leading market research platform, Statista.

The revenue in the Nigerian Smartphones market was projected to reach US$9.4bn in 2023. Reports from the International Data Corporation has disclosed that Nigeria’s smartphone market grew in the third quarter of 2023 despite rapid currency devaluation with Infinix and Xiaomi boosting their shipments of entry-level devices.

This correlates with the resilience shown by the African smartphone market, which grew by 12.8 per cent year-on-year in Q3 2023 to reach 20.1 million units, the latest Worldwide Quarterly Mobile Phone Tracker from IDC revealed.

According to report, the demand for Chinese smartphones grew in the third quarter of 2023 in Nigeria, driving smartphone shipments in the Middle East and African region by 23 percent y-o-y in Q3, 2023. In Nigeria in terms of per capita figures, each person is estimated to generate revenues of US$41.94 in 2023 and when compared globally, in China generates the highest revenue in this market, reaching US$119.2bn in 2023.

Looking ahead, there is an expected volume growth of 3.1% in 2024. The volume in the Smartphones market is projected to reach 38.1m pieces units by 2028. There is also a surge in demand for affordable devices with long battery life.

The Nigerian smartphone market is one of the fastest-growing in Africa, driven by a young and tech-savvy population, increasing disposable income, and expanding 4G network coverage. Nigeria boasts over 60 million smartphone users, representing roughly 30% of the population.

This number is expected to continue surging, reaching almost 100 million by 2025. Tecno, Infinix, and Itel, renowned for their budget-friendly offerings, hold a significant market share. However, premium brands like Apple and Samsung are witnessing increased traction among affluent segments. Online platforms like Jumia and Konga play a crucial role in smartphone sales, offering competitive prices, doorstep delivery, and credit options.