Chip Unlocked iPhone meaning

I'm considering buying an iPhone 13 Pro with 128GB storage that's advertised as chip unlocked. Could someone kindly explain the meaning of chip unlocked iPhones and the pros and cons of using them.

I noticed they are more expensive than the chip locked ones. Money is tight for me right now so I am considering the chip locked. I might also consider waiting for few months to save up for the chip unlocked if the pros are better than the locked one.

I'd appreciate any insights.
Based on my limited understanding of smartphones (iPhones and Samsung), when they say a phone is chip locked, that means the phone is still tied to a specific carrier in the US, UK, or Canada and you can only use a sim card from that carrier.

For instance, a phone might be locked to AT&T or Verizon, but since these networks aren't available in Nigeria, you'd need to unlock the device before using it with any Nigerian network.

However, I could be mistaken, so I'm open to corrections.
A chip-locked iPhone typically refers to an iPhone device locked to a specific carrier or network provider (usually in Western countries) through a hardware-based restriction, often called a "carrier lock."

This means that the iPhone can only be used with SIM cards from that particular carrier or network operator.

I will advise you to buy a chip-unlocked iPhone so you can use it with SIM cards from any carrier or network.
Because of Apple's new iOS update, buy factory unlocked iphones is your best bet. The new iOS 13 doesn't support chip lock for iphones again.