In response to the ongoing economic crisis, Nigerians are increasingly focused on survival rather than worrying about the future state of the nation. The continuous rise in the cost of goods and services has severely impacted purchasing power, forcing many to adapt their spending habits, including reducing the number of mobile phones they own.
Once known for their penchant for owning multiple expensive phones, Nigerians are now opting for just one device. The practice of phone swapping has become more prevalent as people seek cost-effective ways to upgrade their gadgets.
Evans Ofili, a manager at a phone and electronic gadget store in Igando, explained the process: “Phone swapping is straightforward. Customers bring in their old phone, the purchase receipt, and a valid ID. We assess the phone’s value by checking the battery and other parts. The customer then pays the difference to get their desired phone. For example, if a new phone costs N100,000 and the old phone is valued at N50,000, the customer pays an additional N50,000.”
Phone swapping, although not new, was not widely practiced in Nigeria until recently. Previously, people often passed on their old phones to loved ones upon purchasing new ones. However, the current economic climate has changed consumer behavior.
“People rarely buy new phones now. Instead, they opt for phone swapping,” Ofili noted. “This also helps increase our sales as people prioritize essential needs like food. The old phones are repaired and swapped with others.”
Jeremiah Santos, a manager at a phone hub in Egbeda, added that phone sellers now also offer installment payment plans. “Most phone sellers now sell phones on credit. Customers can sign up for full payment in three to six months with interest rates as low as 4%. They make a down payment of 20-25% of the device’s value. If they default on the agreed payment date, a penalty fee of 2% or more is charged.”
The economic situation has forced phone sellers to adopt these strategies to maintain sales and patronage. The rising costs of importing phones, driven by port charges, exchange rates, and logistics, have compounded their challenges.
Investigations reveal that the prices of popular phone brands have surged. Models from Samsung, Infinix, Nokia, Techno, Microsoft, Xiaomi Redmi, and Itel with smaller memory and battery capacities now range from N70,000 to N90,000. Higher-spec models now cost over N150,000, compared to their previous price of N70,000.
Mrs. Demilade Raymond, a salary earner, shared her experience of swapping her Techno Pop 5 for a higher-grade model. “My old phone had limited storage and often hung. The store valued it at N30,000, and I added N70,999 to get a new model. It was cost-effective.”
Mr. Daniel Apata, a mechanic, opted to swap his android phone for a basic non-android phone. “I expected to add N20,000 for a new phone, but my old phone was valued at N20,000. I ended up swapping it for a non-android phone by adding N5,000. It was better than nothing.”
