The growth of smartphone usage in Nigeria
With forecasts placing smartphone usage in Nigeria at 140 million by 2025, more people will turn to these devices for social and profitable reasons.
Nigeria’s Smartphone Usage Set To Increase
As the country with the biggest economy and highest population in Africa, Nigeria’s propensity for growth seems pinned to a growing population, an emerging young population and an investment in technology, namely smartphone technology. As it currently stands, Nigeria has roughly 170 million mobile phone users based on subscriptions. However, only 10 to 20 percent of the population uses smartphones while the rest rely on more traditional mobile phones, thus limiting their options to voice calls and text messages. Estimates from various sources suggest the number of smartphone users to be between 25 and 40 million. The data also suggests very strong growth over the next 4 years, which if estimates prove true, will be 140 million users by the time 2025 rolls around.
Population and GDP growth predictions
While there is a strong GDP growth forecast for Nigeria, the country faces some serious stumbling blocks. Huge ongoing developmental challenges such as the need to lower its dependency on oil continues to plague the country as does its insufficient infrastructure. Coupled with this is the need to erect effective institutions, reassess and fix governmental departments, and address public financial management systems. With all these pre-existing issues at hand, forecasts still appear to be optimistic with the population and gross domestic product forecast to grow at 2 to 3 percent until 2022. Nigeria’s young population, averaging 18 years of age, is also fast-growing, and in conjunction with its growing telecoms industry, is set to only increase the country’s overall GDP. In needs to be noted that 2020 statistics placed the population at 200 million and growing.
A young trading base
Nigeria has managed to cultivate a young trading base for two reasons – a young growing population and an increase in smartphone usage. Nigeria’s youth have sought various ways to profit from the internet and are not just into traditional mobile gaming, but are finding new ways of being creative, reach new job opportunities and trading in foreign currencies such as GBP has thus far proven to be quite popular with young adults. The 140 million users by 2025 smartphone forecast has been bolstered by key companies such as Samsung, which dominates the market, but it’s facing some stiff competition from Chinese manufacturers like Infinix, Itel and Tecno. As it stands, online trading or Forex trading in Nigeria is legal if done through a licensed broker. However, there are many regulated online trading platforms that will service Nigerians of age and those who possess a smartphone capable of handling the trading software. These trading organisations don’t operate within the country but are licensed, regulated and audited by applicable foreign financial institutions.
Smartphone usage and online trading
While online trading remains something relatively new in Nigeria, it’s growth alongside that of smartphone usage means that many more people could turn to it. Of a great advantage to anyone seeking to potentially profit from the financial system as presented in the form of online trading is the ability to use what is known in the industry as a demo account. These accounts do two things; they help to upskill any would-be trader and they incur no monetary cost. Thus Nigerians looking to find out more about this world and its complexities can do so without suffering a financial loss. Most online trading platforms offer speculative trading on commodities, indices, and even cryptos such as Bitcoin. Whether or not the growth of the smartphone in Nigeria will prove to be something that makes online trading a major to-go for those seeking potential profits remains to be seen, but some of the groundwork is certainly being laid.
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