The declining value of the naira is steadily putting Starlink out of reach of many Nigerians. Since the 2023 satellite internet provider’s launch in Africa’s most populous country, the cost of its hardware has surged by 115.25 percent to N590,000.
Despite this increase, Starlink remains more expensive in Benin Republic than in any other African country. Nigeria’s new prices, set at N590,000 for the hardware ($382.64 at N1541.94/$) and N75,000 ($48.64) for monthly subscriptions, make it the third most expensive among 15 African countries with satellite internet services.
In Benin, the hardware sells for CFA400,000 ($675.93 at 591.78 CFA/$), while the monthly subscription costs CFA30,000 ($50.69). The second most expensive country is Eswatini, where hardware costs ZAR6,800 ($393.52 at ZAR17.28/$), with the monthly subscription standing at $54.98.
The cheapest hardware cost is Rwanda at $337.42 (1,363.29 RWF/$), though the lowest monthly subscription is Malawi at $36.81 (1,738.63 MWK/$).
When Starlink launched in Nigeria in 2023, the hardware cost was N274,098 ($583.19 at N470/$), and the monthly subscription fee stood at N19,260 ($40.98). Following a steep naira devaluation, the company repriced it to N800,000, then N440,000 in 2024, with a monthly subscription fee of N38,000.
However, further devaluation has led to a new hike. According to data from the FMDQ, the naira depreciated by 51.49 percent from N747.76/$1 on September 22, 2023, to N1,541.52/$1 as of September 20, 2024.
In an email to customers, Starlink stated, “Due to excessive levels of inflation, the Starlink monthly service price will increase from current rates to the respective rates below: Standard (Residential) N75,000; mobile – regional (roam unlimited): N167,000; mobile – global (global roam): N717,000).”
The new prices are effective immediately for new customers and will begin for current customers by October 31, 2024. Since its January 2023 launch, the company has grown to become the country’s third largest internet service provider (ISP), with 23,897 active subscribers in 12 months.
READ THE FULL STORY IN BUSINESS DAY
