Smartphone market to hit 140m users by 2025 as experts outline key drivers
By Seun Johnson
The smartphone market in Nigeria has been projected to surpass 140 million users by 2025.
This projection, as captured in a report recently released by Statista, is equivalent to approximately 66.0% penetration, making Nigeria the ninth country in the world with the most smartphones.
Early this year, it was reported that the market would grow at an annual rate of 6.71% from 2024 to 2029. However, the market is said to be currently experiencing a downturn due to economic challenges and rising prices occasioned by rising inflation, currency volatility and others.
In an exclusive interview with MARKETING EGDE, experts in the industry highlighted certain factors that are poised to drive the market regardless of the myriad of challenges confronting the Nigerian economy.
According to Olatunde Shobajo, CEO of Valor Review, price is going to be one of the biggest factors that will drive the sector in 2025, saying Nigerians always crave for affordable smartphones. He also identified phone specifications as another thing that will be responsible for the growth of the market.
He said, “People want value for their money. We see people watching reviews, getting to know the phone before making a purchase. So price and specs are going to drive the market in the years to come. Smartphone market is really growing especially in Africa. The companies are very innovative. They are bringing features that end users want, they are bringing affordable and durable smartphones.
“Social media have also helped the market with young people using their phones to create contents on TikTok, Instagram and other platforms. I feel the market will boom but not as much as we hope for, because of the underlining economic condition that is pressing everybody in the neck.”
Similarly sharing her view on the matter, Yusuf Sarah, Poco Product Manager in Nigeria, noted that Nigerians are tech savvy and they always want more when it comes to getting devices that can enhance their creativity and productivity. They always go online looking for something that will make them comfortable and be at advantage. She stated that all these will influence their purchasing decisions which will definitely drive the growth of the industry.
Kinney Ganguly, Smartphone distributor with Mitsumi revealed that before now, everybody craved for big and popular smartphones like Samsung, and the rest. But presently, attention has shifted to phones with most specifications at a lower price.
“People want smartphone with affordable price. What I noticed in the market here is that people are shifting more to smartphone with better storage space, high performance, long battery life and a lower cost. These will surely determine the next phase of the market.” Ganguly pointed out.
On his part, Israel Ojoko, Founder, The Entrepreneur Channel, believes that the population of people between 16 and 34 is higher than any other age bracket like the children and the ages. He said this age bracket is called gen z and because of their huge number and of course, their desire to own a smartphone through which they can quickly and easily get things done, they will contribute immensely to the growth of the market.
Ojoko also identified network reach as another factor set to drive the sector. “There is no point holding a smartphone if you can’t access network and use the phone for what it is meant for. So where network is expanding, people are encouraged to get or swap their feature phones for smartphone.
“The third thing is social media. A lot is happening online. People don’t want to be left out. They call it a global village, a situation where you are in Nigeria and you can talk to anyone around the world in realtime. So these are factors driving the market and will still drive it in the coming years.” He posited.
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