Global gadget maker, Apple has recently announced the release of new models of its flagship products which include the iPhone 16, iPhone 16 Plus, iPhone 16 Pro, and iPhone 16 Pro Max.
These products come with Apple's custom-built A18 chip and incredible new camera capabilities that raise the bar for the iPhone’s futuristic potential. Pre-ordering starts today, Friday, September 13, 2024, while products will be available from September 20, 2024.
The iPhone 16 has been touted as an AI wonder due to its numerous AI-powered software features built for Apple Intelligence. Apple explains this as “the easy-to-use personal intelligence system that understands personal context to deliver intelligence that is helpful and relevant while protecting user privacy”.
When it comes to pricing, market forces come into play due to foreign exchange and tax rates across the world. This means the pricing and affordability of the new iPhone 16 will vary across countries.
According to Androidauthority, the cheapest iPhone 16 can be purchased in China, Japan and the United States at $842, $877 and $879 respectively. Those prices in Nigeria, will, however, still fall under the "very expensive" category due to the low purchasing power parity and foreign exchange crisis which has greatly influenced the ability of Nigerian workers on minimum wage to own such gadgets.
In this report, the starting cost of the iPhone 16 ($799) has been compared with the minimum wages in 10 African countries, with an analysis of the estimated number of months a worker will need to earn a salary to afford the product. We will be using the price of the standard iPhone 16 which stands at $799 (₦1.3 million at ₦1,640/$) for the 128GB model.
| S/N | Country | Min Wage ($) | Estimated wait time |
|---|---|---|---|
| 1 | Seychelles | 465.4 | 2 months |
| 2 | Libya | 321.8 | 2 months |
| 3 | Morocco | 314.7 | 2 months |
| 4 | Gabon | 270.5 | 3 months |
| 5 | Equatorial Guinea | 211.54 | 4 months |
| 6 | Algeria | 140.14 | 6 months |
| 7 | Cape Verde | 139.46 | 6 months |
| 8 | Kenya | 130.37 | 6 months |
| 9 | Mozambique | 113.8 | 7 months |
| 10 | Lesotho | 109.62 | 7 months |
As seen from the table, African countries with a better minimum wage scale will have fewer challenges with purchasing the new iPhone 16 compared to countries with more tumultuous economies.
In Seychelles, Libya and Morocco, the phone would cost just about two months of minimum wage while it would take about six to seven months for Algeria, Cape Verde, Kenya, Mozambique and Lesotho.
For Government workers in Nigeria earning ₦30,000 minimum wage ($18.18), who are also expecting to purchase the iPhone, they will have to wait for nearly four years to purchase the phone.
However, with the implementation of the new minimum wage which has been increased to ₦70,000 ($42.42), the cheapest iPhone 16 model equals 18 months of minimum wage earnings for a worker in Africa’s biggest oil producer.