Tinubu’s Inflation: Apple announces new prices for app purchases, subscriptions in Nigeria
Apple Incorporated has announced a new set of prices for in-app purchases and subscriptions for its Nigerian customer base to reflect the raging inflation assailing the West African nation’s economy.
Apple Incorporated has announced a new set of prices for in-app purchases and subscriptions for its Nigerian customer base commensurate with the raging inflation assailing the West African nation’s economy.
Apple Inc. has revised pricing for in-app purchases and subscriptions for Nigerian customers to reflect the severe inflation plaguing the nation’s economy.
The company announced the new prices in an email to developers Thursday night, stating that they will be effective June 21.
According to Apple, Nigeria’s changing tax and monetary policies informed the new pricing decisions, which would significantly affect in-app purchases and other subscriptions.
It is unclear if this development will also impact the prices of devices like iPhones, iPads, and AirPods.
The company added that the “prices on other storefronts will be updated to maintain equalisation with your chosen base price.”
The Ivory Coast, Egypt, Nepal, Suriname, and Zambia are other countries whose residents are also expected to see price changes in the latest review.
The company has faced criticism over its costly partnership with app developers, which critics said had become increasingly draconian as it leaves many users unable to afford premium applications across its platforms.
Nigeria recently raised taxes on citizens and businesses, which followed the removal of subsidies on petroleum products that economists blame for raging inflation.
Prices of smartphones and other smart devices have doubled in the last year amid forex volatility, naira devaluation, and the country’s overreliance on imported products.
President Bola Tinubu had floated the naira last year in the hopes of upping its value, still the currency has continued to plunge forcing multinationals companies like Microsoft, which couldn’t cope with high cost of operations, to exit the nation.
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