Since its launch in January 2023, the steadily weakening naira has made Starlink increasingly unaffordable for many Nigerians. Initially, the satellite internet service entered the Nigerian market with a hardware price of N274,098 and a monthly subscription fee of N19,260. However, due to significant naira devaluation, the cost of Starlink has surged by 115.25%, with the hardware now priced at N590,000.
The company initially responded to the devaluation by raising its prices to N800,000 before lowering them to N440,000 in early 2024. At the same time, the monthly subscription fee was adjusted to N38,000. Unfortunately, further depreciation of the naira has led to new price hikes, with hardware now at N590,000 and monthly subscription fees rising sharply to N75,000.
Data from the FMDQ Exchange shows that the value of the naira plummeted from N747.76/$1 on September 22, 2023, to N1,541.52/$1 as of September 20, 2024, a depreciation of 51.49%. In light of these economic conditions, Starlink notified its customers via email that “due to excessive inflation,” its monthly service price would increase as follows: Standard (Residential) to N75,000; Mobile – Regional (roaming unlimited) to N167,000; and Mobile – Global (global roaming) to N717,000.
These changes take effect on October 31, 2024, for existing customers, while new customers will face the updated prices immediately.
Despite the rising costs, Starlink has quickly gained traction in Nigeria, becoming the country’s third-largest internet service provider (ISP) in just 12 months, with 23,897 active subscribers.
Nigeria was the first African country where Starlink launched, and the company has since expanded to 15 other countries on the continent. In an effort to capture more customers in certain regions, Starlink has offered incentives, such as rental options for customers in Kenya who cannot afford to pay the full amount upfront.
