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Nigerian phone market grew 15% in 2017 despite economic recession
The decline experienced in the smartphone market was compensated by increase in demand for feature phones by Nigerians
According to the latest research report by from Counterpoint’s Market Monitor service, the Nigerian handset market grew by a modest 6% in CY 2017. The Smartphone market which contributed to 52% of the total handset volume declined by 1% YoY due to the economic slowdown. This made consumers switch to feature phones such as Tecno, Infinix and Itel.
Anshika Jain, Research Analyst with Counterpoint’s Market Monitor said: “The Nigerian handset market declined 8% YoY in 2016 as the economy witnessed a major downfall in GDP due to plummeting oil prices which felled the economy into recession.”
“The country is highly dependent on oil exports and the decline in oil prices put pressure on the Nigerian currency, Naira raising the prices which adversely affected the purchasing power of the people. The overall handset market experienced modest growth of 6% p.a. in CY 2017 as the market is slowly moving out of recession. The situation is likely to improve in 2018.”
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Samsung led the overall smartphone market with 34% share and followed by products of Transsion Holdings – maker of Tecno, Infinix and Itel phone brands.
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