Are African mobile markets insulated from economic slumps? At times, that certainly seems to be the case. Take Nigeria. Since 2016, the Nigerian economy has averaged ~1% annual growth, its worst stretch of performance for at least a decade. Over that same period, the country’s mobile industry growth has averaged between 10% and 13% annually. In South Africa, another beacon of dismal economic performance, mobile sector growth has been running ahead of revenue by 2-3 percentage points.