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Mastercard’s 2025 Economic Projections: A New Chapter for Nigeria

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Mastercard Economics Institute released ‘Economic Outlook 2025’, its annual report identifying the themes that will shape next year’s economic landscape. The global economy has managed through a series of shocks admirably over the past few years. The report anticipates 2025 to be defined by shifts in monetary and fiscal policy and a move toward equilibrium rates for growth and inflation.

In Nigeria, the GDP in 2025 is projected to grow by 2.9% year over year, slightly below than the global average which is forecast at 3.2.%, reflecting the challenges and opportunities within one of Africa’s largest economies. Meanwhile, consumer spending in the country is predicted to rise by 6%, despite elevated consumer price inflation of 22.1%, which continues to present challenges for households and businesses.

Economic growth is driven by robust remittance inflows, which sustain household incomes and consumption. Nigeria’s economy demonstrates resilience amid global and regional shifts, leveraging its human capital and remittance ecosystem to navigate challenges.

“Nigeria’s economic outlook for 2025 highlights the country’s resilience and potential for growth, driven by remittance inflows and consumer spending. These trends underscore the importance of fostering financial inclusion and addressing inflationary pressures to support sustainable development,” said Khatija Haque, chief economist, EEMEA, Mastercard.

Folasade Femi-Lawal, Country Manager and Area Business Head for West Africa shared, “Remittances play a pivotal role in driving economic resilience, and Mastercard Nigeria is committed to enhancing contactless payment solutions to simplify transactions, boost security, and reduce costs. Our efforts are aimed at fostering an inclusive financial ecosystem, ensuring seamless, secure payments that support Nigeria’s vibrant economy.”

Key findings from the report include:

Pricing priorities
Consumers worldwide have been navigating a bumpy road of rising prices over the last five years, largely driven by the pandemic and geopolitical tensions. Inflation—the rate of increase in prices—remains a significant challenge for Nigeria, even as consumer price inflation is forecast to moderate to 22.1% in 2025 from over 33% in 2024. This reflects persistent pressures from currency volatility and supply chain disruptions.

Despite these challenges, Nigeria’s consumer spending is projected to grow by 6%, driven by the country’s youthful population and robust informal economy. However, high inflation continues to influence purchasing behavior, with households prioritizing essential goods and services over discretionary spending.

Migration and money
The last few years saw significant movement in people and, by extension, capital. While migration results in a loss of human capital, it also generates substantial remittances, which serve as a lifeline for low- and middle-income communities in developing economies. According to the World Bank, global remittances surged from $128 billion in 2000 to $857 billion in 2023, with an estimated growth of 3% in 2024 and 2025. Economic recovery and local reforms are expected to sustain remittance growth through 2025, while the continued digitization of the payments industry allows recipients to shift to digital and mobile channels, resulting in considerable cost efficiencies, security and convenience. In Nigeria, migration continues to shape the country’s economic landscape, contributing significantly to remittance inflows.

The rise of digital payments and mobile money solutions has further enhanced the efficiency and accessibility of remittances, reducing costs and ensuring secure, timely transactions. These platforms are vital for Nigeria’s financial inclusion efforts, enabling underserved communities to access financial services and participate in the broader economy.

The ‘Economic Outlook 2025’ report draws on a multitude of public and proprietary data sets, including aggregated and anonymized Mastercard sales activity, as well as models that are intended to estimate economic activity.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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NCC Committed to Regional Digital Integration – Maida

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Nigerian Communications Commission (NCC), in line with its commitment to collaboration and regional integration, has reaffirmed its dedication to strengthening partnerships among telecommunications regulators within the West African sub-region.
NCC Committed to Regional Digital Integration – Maida

L-R – Engr. Aliyu Yusuf Aboki , Executive Secretary WATRA; Mrs Nneena Ukoa, Head Public Affairs, Nigerian Communications Commission; Hon. Clarence K. Massaquoi, Chairman Board of Commissioners, Liberia Telecommunications Authority; Kelechi Nwankwo, Director Corporate planning, strategy and Risk Management(NCC); Hon. Ben Fofana, Commissioner with oversight responsibility for Licensing and Regulation (LTA); Usman Mamman Director, Licensing & Authorization (NCC) during a courtesy visit to the Commission’s Headquarters in Abuja on 30th January, 2026.

The Executive Vice Chairman of NCC, Dr. Aminu Maida re-affirmed the commitment when the Commission hosted a high-level delegation from the Liberia Telecommunications Authority (LTA) at the NCC’s Head Office in Abuja at the weekend.
Speaking during the LTA’s visit, Maida, who was represented by the Director of Corporate Planning, Strategy and Risk Management at NCC, Dr. Kelechi Nwankwo, emphasized the Commission’s mandate to continually collaborate with sister regulatory institutions within the sub-region and beyond to drive the expansion of digital economy and improve the living conditions of citizen.
He said, given the NCC’s long-standing commitment to regional cooperation through platforms such as the West Africa Telecommunications Regulators Assembly (WATRA), the Commission believes the region becomes stronger and more prosperous when all countries are interconnected.
The EVC further emphasized that collaboration remains a core driver of the NCC Board and that sustained engagement with regional partners is essential to advancing the interests of telecommunications consumers and various stakeholders.
Maida recalled the Commission’s advocacy for the recognition of Information and Communications Technology (ICT) as critical national infrastructure within the Economic Community of West African States (ECOWAS), noting that Nigeria has already designated ICT as part of its critical national information infrastructure to give it the prominence required for sustainable growth.
He assured the Liberian delegation of the NCC’s readiness to provide support in advancing regional shared initiatives and translating discussions into actionable outcomes within the sub-region.
In his remarks, the Chairman of the Board of Commissioners of the LTA, Hon. Clarence Massaquoi, commended the NCC for making itself available in the spirit of regional coordination and collaboration, describing the engagement as critical to strengthening regulatory responsibilities across the sub-region.
Massaquoi acknowledged that Nigeria remains the largest economy in the region and a central player in Africa’s communications, security, and economic structures, that progress made by Nigeria often has far-reaching impacts across other West African countries.
He explained that since his assumption of office as the Liberian chief telecom regulator, the LTA has prioritized strengthening relationships with regional institutions to support ECOWAS’ vision of integration as effective regional integration cannot be achieved without affordable and reliable communications services, particularly in addressing cross-border roaming challenges.
The LTA Chairman disclosed that Liberia had signed bilateral agreements with The Gambia and Côte d’Ivoire and is at advanced stages of discussion with Ghana and Guinea-Conakry and that the Liberian regulator remained committed to active participation in WATRA.
Massaquoi further sought NCC’s support in regulatory capacity building and the sharing of best practices, particularly as Liberia reviews its licensing regime to reflect emerging technologies and align with regional standards.
The two regulators also underscored the centrality of shared commitment to deepen collaboration, identify priority areas for engagement, and advance initiatives that will promote seamless connectivity, regional integration, and socio-economic development across West Africa.

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ITU Top Director Visits NITDA, Boosts Nigeria’s Digital Literacy Push

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Dr. Cosmas Luckyson Zavazava, Director Telecommunication Development Bureau of the International Telecommunication Union (ITU), has paid a courtesy visit to the the National Information Technology Development Agency (NITDA) in Abuja, reinforcing growing cooperation on digital development.

ITU Top Director Visits NITDA, Boosts Nigeria's Digital Literacy Push

NITDA

Dr. Zavazava was accompanied by the ITU Regional Director for Africa, Dr. Emmanuel Manasseh, as part of the ITU delegation.

The delegation was received on behalf of the Director General of NITDA by the Director of Corporate Planning and Strategy, Dr. Warowei Dimie, alongside other directors of the Agency.

The visit provided a platform for strategic engagement and exchange of ideas on key digital development challenges facing Nigeria, Africa, and other developing regions, with a shared focus on inclusive and sustainable ICT growth.

Speaking on behalf of the NITDA Director General, Dr. Dimie reaffirmed the Agency’s commitment to deepening collaboration with ITU, describing the organisation’s global experience as a valuable asset for transferring tested solutions and best practices to Nigeria’s local context.

He noted that digital skills and capacity building featured prominently in the discussions, as Nigeria pursues its ambitious target of achieving 70 percent digital literacy nationwide by next year, with encouraging progress recorded through partnerships with the private sector and other stakeholders.

The adoption of Nigeria’s National Digital Literacy Framework was highlighted as a major milestone, providing a structured and inclusive approach to skills development across different segments of society.

Attention was also drawn to the persistent challenge of limited connectivity in rural and underserved communities, with participants emphasising targeted interventions such as grassroots digital training and the deployment of National Youth Service Corps members as digital literacy ambassadors.

In his remarks, Dr. Zavazava outlined ITU-BDT’s mandate to bridge the digital divide, promote inclusive ICT development, strengthen regulatory frameworks, and support member states in building resilient digital infrastructure.

He noted that these priorities strongly align with Nigeria’s digital transformation aspirations, adding that ITU works across its 194 member states through regional and area offices, including its West Africa office in Dakar, Senegal, and the Africa regional office in Addis Ababa, Ethiopia.

Dr. Zavazava further highlighted ongoing collaboration with Nigeria on initiatives such as digital skills development, broadband infrastructure mapping, and cybersecurity.

He disclosed that Nigeria is among 11 sub-Saharan African countries benefiting from a €15 million ITU-European Commission project on broadband infrastructure mapping and modelling, while also participating in global cybersecurity drills organised by ITU in partnership with the United Arab Emirates, which attracted over 136 countries in the last edition.

The courtesy visit underscored the importance of sustained collaboration between international development institutions and national agencies, reaffirming the shared commitment of ITU and NITDA to leveraging ICTs for sustainable development, innovation, and inclusive socio-economic growth in Nigeria.


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Airtel Nigeria Commits to Upgrade of its Network Infrastructure for Improved Quality of Service

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Airtel Nigeria has unveiled a robust update on a range of network, infrastructure and technology advancements that position the company at the forefront of quality of service leadership in Nigeria’s telecommunications industry.

Announced at its first media roundtable of 2026, the updates reflect sustained investments made over the past 12 to 24 months and signal an accelerated push to stay ahead of surging data demand in a rapidly digitising economy.

Speaking to senior editors and industry correspondents, Airtel Nigeria Chief Executive Officer, Dinesh Balsingh, said the company’s strategy is anchored on deliberate scale, depth and resilience.

“Over the last two years, we have invested with discipline and clarity to strengthen our network nationwide. Those investments are now translating into measurable improvements in performance, customer experience and reach, including in underserved and hard to reach communities,” he said. “In 2026, we are accelerating these upgrades because Nigeria’s data appetite is growing, and leadership in this industry will belong to those who plan ahead.”

At the core of Airtel Nigeria’s quality of service drive is the rapid expansion of its network footprint. Since December 2023, the company has increased the number of network sites by 15.5%, adding 2,242 new sites and bringing its total to nearly 16,711 nationwide. Further deployments are planned in 2026 to strengthen coverage, capacity and resilience across urban and rural locations.

Network capacity upgrades have also reached significant scale. In 2025, Airtel completed capacity enhancements on 30% of its sites, covering over 5032 sites nationwide.

Today, 99% of Airtel Nigeria’s sites deliver high-speed 4G mobile broadband, establishing the operator as a full nationwide 4G network. This year, capacity upgrades are being extended to more sites to sustain performance as data usage continues to rise.

According to Harmanpreet Singh Dhillon, Chief Technology Officer, spectrum depth and optimisation remain critical to network quality. “We have increased our 4G spectrum by 10MHz and we are actively optimising our holdings. These actions allow us to support higher data throughput, better speeds and more consistent service, especially in high-traffic areas,” he said.

Airtel Nigeria is also accelerating its 5G rollout. Over the last three months, the company has more than doubled the number of active 5G sites. The accelerated 5G upgrade happening now will connect the top 20 Nigerian cities to high-speed 5G networks, with a significant part of Airtel’s network in these cities becoming 5G-enabled in the coming year.

Beyond terrestrial infrastructure, Airtel is extending connectivity through space-based solutions. The company has established and signed partnerships with satellite providers OneWeb and Starlink, enabling enterprise-grade connectivity for businesses in remote locations, hard to reach areas and operational outposts. Recently, Airtel announced Nigeria’s first Direct-to-Cell partnership with Starlink, a breakthrough that will allow customers to remain connected while travelling through deep remote areas and enable small rural communities to access Airtel’s digital and fintech services.

The backbone supporting these services continues to expand. Airtel Nigeria has built an extensive fibre footprint across almost all states, developed through years of sustained deployment. Following the announcement to double capital expenditure last year, the company committed to expanding its fibre network by 25%, and intensive rollout activity is ongoing across cities and states. Airtel has also confirmed plans to extend its fibre footprint even further, both within major cities and between states.

A pivotal national milestone is also on the horizon. Nigeria currently relies on a single internet submarine cable landing and breakout point in Lagos. Airtel Nigeria has announced that it will launch a second internet breakout from the South of Nigeria, leveraging the 2Africa submarine cable. In partnership with 2Africa, Airtel will shortly begin carrying internet breakout traffic from Kwa Ibo in Akwa Ibom State.

“This will create a faster and alternative path for large parts of the North and South, improve resilience for the entire ecosystem. Airtel is proud to take the lead in making this happen,” Balsingh said.

Underpinning these advances is a robust IT and cloud backbone. Airtel Nigeria operates an enterprise-grade private cloud with thousands of virtual machines, managing massive storage and compute power across locations.

The infrastructure includes large GPU clusters, supporting AI-driven applications such as fraud detection, intelligent network self-healing and advanced customer analytics.

The company recently announced the upcoming launch of its hyperscaler-ready 38 megawatt data centre in Eko Atlantic. This is designed for Nigeria’s next phase of digital growth, powered by AI.

From a customer access perspective, Airtel Nigeria maintains one of the largest retail footprints in the country. Its products and services are available in over 200,000 outlets nationwide, supported by more than 4,000 exclusive shops across all local government areas and 250 flagship stores.

Balsing added that, “Quality of service today is about resilience, redundancy and intelligence, and that is what Airtel is delivering. From fibre to cloud to satellite-enabled connectivity, we are building a platform that allows Nigerian businesses to scale with confidence, regardless of location.”

He reaffirmed Airtel Nigeria’s long-term commitment to the country. “Our focus is consistent investment, disciplined execution and deep confidence in Nigeria’s future,” he said.

Aside from Singh Dhillon, other members of the Airtel Nigeria leadership on hand with subject matter expertise at the roundtable included Director, Airtel Business, Ogo Ofomata; Director, Marketing, Ismail Adeshina; Director, Information Technology, Kemi Ariyo; and Director, Corporate Communications and CSR, Femi Adeniran.


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