Starlink Increases Hardware Price by 112% in Nigeria To Reflect New Naira to Dollar Exchange Rate

• Elon Musk has decided to increase the price of his Starlink hardware devices for Nigerian customers
• The new price represents a 112% increase from the previous rate of N378,000 to reflect the depreciation of the naira
• This adjustment in price could potentially influence the decisions of customers in Nigeria who are looking for an alternative internet provider

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Starlink, the satellite internet company founded by Elon Musk's SpaceX, has announced that potential Nigerian customers will now pay N800,000 to buy its internet router.

This represents a 112% increase from the previous price of N378,000.

Starlink increases hardware price

The decision comes amid significant depreciation of the Naira against the United States dollar, which is currently above N1,600/$ in both the official and black markets.

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The price hike, effective immediately, affects all Starlink hardware, including the satellite dish and associated equipment necessary to access the company's internet services.

Nigerian customers will continue to pay N38,000 per month for Starlink’s Internet service.

Starlink in Nigeria

Starlink officially launched in Nigeria in January 2023, and the company promised high-speed Internet connectivity with download speeds of up to 250 Mbps and upload speeds of up to 35 Mbps.

Despite the excitement that greeted the launch, the cost of Starlink hardware has been a concern for many Nigerians amid rising inflation and shrinking purchasing power.

At launch in Nigeria, he company priced its hardware at $600, but later switched to naira pricing at N378,000.

It was later reduced to N299,500 following the intervention of the Nigerian Communication Commission.

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However, this did not last long as the company reverted to N378,000. The latest price of N800,000 represents the biggest jump yet.

Top internet providers in Nigeria by subscribers

Earlier, Legit.ng revealed the list of the top 10 internet service providers using their number of subscribers.

NCC database shows that there are currently 190 ISPs with active licenses and daily these companies compete for a slice of the nation's internet user base.

The number of internet users in Nigeria has risen in the previous ten years, with the NCC reporting over 100 million.

Source: Legit.ng