By Daniel Oluwatobiloba Popoola
Former presidential aide Reno Omokri has questioned the need for consumers to spend heavily on the iPhone 18, urging them to consider investing their money instead of following consumer trends.
Omokri made the remarks in a post on his official X handle, @renoomokri, while comparing the iPhone 18 with the decade-old iPhone 7 and discussing the financial implications of upgrading to the latest model.
He argued that most people do not need the iPhone 18 because their existing iPhones and Samsung devices can perform many of the same functions.
According to him, the major differences between the iPhone 7 and iPhone 18 are screen size and camera placement, while the newer model offers improved video recording. He added that applications could also enhance the quality of photographs taken with older iPhones.
“Most people don’t need an iPhone 18. You may want it. But you don’t need it,” Omokri wrote.
He acknowledged that the iPhone 18 is an advanced smartphone but warned that its value could fall significantly as Apple introduces newer models.
Omokri then turned to the financial implications of spending $1,299, or about N2.5 million, on a smartphone, urging consumers to consider investment opportunities instead.
He cited the proposed Dangote Refinery initial public offering, mutual funds, exchange-traded funds, certificates of deposit, real estate investment trusts, Treasury bills, Treasury bonds, lending clubs, cryptocurrency and spot trading as possible investment options.
However, he noted that cryptocurrency and spot trading carry greater risks than the other options.
Omokri also cited his experience with mutual funds, claiming that they had generated substantial returns for him over the years, apart from the COVID-19 downturn.
He further claimed that a $60,000 investment in a mutual fund could generate income comparable to $360,000 in a fixed deposit.
He also discussed the distinction between an asset and a consumer product, citing the Oxford English Dictionary’s definition of an asset as something that has value and contrasting it with the accounting concept of an asset as something expected to provide future economic benefits.
He urged consumers to consider whether an iPhone 18 would constitute an asset or an expense based on how it would be used.
Omokri advised people to think carefully before following consumer trends, stressing that personal and family needs should take precedence over spending to satisfy personal desires.
He, however, said the calculation would be different for content creators whose income depends on social media posts, reels and other audiovisual content.
“If you are making a fortune from social media posts, reels, and other audiovisual content, and an iPhone 18 will scale up your income, then by all means go for it,” he said.
He argued that, in such circumstances, the device could serve as an income-generating asset rather than a liability.
