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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 Seeks Cost-Based Pricing Framework for Ducts

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Nigerian Communications Commission (NCC) has said that it was strengthening collaboration with state governments and industry players to develop a transparent, cost-based pricing framework for sharing telecom ducts as part of efforts to speed up broadband expansion across Nigeria.

NCC Seeks Cost-Based Pricing Framework for Ducts

Ayuba Shuaibu, director of Policy, Competition and Economic Analysis, NCC, disclosed this at the Stakeholders’ Forum in Abuja.

Shuaibu said the initiative was designed to build consensus among all parties.

“The primary purpose of this forum is to ensure seamless synergy between the Commission and all stakeholders,” he said.

The director said the consultation was prompted by longstanding complaints over permits, levies and other charges imposed by different levels of government.

He said bringing together state commissioners, telecom operators, tower companies and representatives of the Nigeria Governors’ Forum had helped improve understanding of the issues.

“This engagement is a work in progress. We expect more input from stakeholders before presenting the outcome to the Nigeria Governors’ Forum,” he added.

Dr Helen Adeneye, commissioner for Innovation, Science and Technology, Kogi State. welcomed the consultation, saying Nigeria needs a harmonised policy that clearly defines the responsibilities of both the federal and state governments.

“We need a harmonised policy that allows states to collaborate better with telecom operators and creates a more business-friendly environment,” she said.

Dr Adeneye added that adopting the Dig-Once policy would establish a uniform pricing system and help resolve disputes over charges for telecom infrastructure deployment.

Chidi Ajuzie, chief executive officer, WTES Projects Limited,  whose firm is conducting the consultancy study, said the proposed framework would introduce a common cost structure for duct sharing to support broadband investment and economic growth.

“The study is designed to create a uniform pricing model that will drive broadband growth, economic development and wider adoption across the country,” he said.

Ajuzie explained that the consultants had developed preliminary floor and ceiling prices to guide operators while allowing flexibility within the approved range.

He added that the recommendations remain open to industry input before the NCC finalises the framework.

The Dig-Once Policy is designed to reduce the cost and disruption of deploying broadband infrastructure by requiring fibre ducts to be installed whenever roads are constructed or rehabilitated.

The NCC is developing a cost-based pricing framework for sharing these ducts to promote fair pricing, reduce duplication of infrastructure and encourage investment.

The proposed model is expected to support the Federal Government’s broadband expansion targets while improving collaboration between telecom operators and state governments.

 


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MUSON Graduates Shine at 2026 Concert as MTN Foundation Celebrates 20 Years of Music Scholarships

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Emeka Nwodike, acting director of the MUSON School of Music, conducted the institution’s graduating class in a grand finale performance, bringing the 2026 graduation concert to a memorable close. The concert took place on July 7 at the Shell Hall of the MUSON Centre, Onikan, Lagos.

MUSON Graduates Shine at 2026 Concert as MTN Foundation Celebrates 20 Years of Music Scholarships

The event celebrated students who successfully completed the MUSON Diploma Programme through the MTN Foundation Scholarship Programme.

The graduating students delivered a rich choral repertoire that reflected the breadth of their musical training, performing Italian Salad by Richard Genee, My Song by Eriks Esenvalds, Obi Dimkpa by Laz Ekwueme, and an ABBA Medley arranged by Goran Bejstam. Under the Acting Director’s baton, the choir demonstrated technical precision, vocal maturity and artistic expression before an audience of family members, music enthusiasts and industry stakeholders.

The concert formed part of the long-running partnership between the MTN Foundation and the Musical Society of Nigeria (MUSON), which has, since 2006, provided scholarships for hundreds of talented young Nigerians to receive formal music education through the MUSON Diploma School. The programme continues to serve as one of the country’s foremost platforms for developing professional musicians and strengthening Nigeria’s creative economy.

Speaking at the close of the concert, Nwodike expressed appreciation to the MTN Foundation for its sustained support of the scholarship programme over the past two decades. He also thanked the Director of the MUSON Centre, faculty members, mentors and other stakeholders whose dedication has contributed to the school’s continued success.

“For nearly 20 years, the MTN Foundation has remained a steadfast partner in our mission to nurture young musical talent. We are deeply grateful for that commitment. I also want to thank the Director of the MUSON Centre, our faculty, mentors and everyone whose dedication has helped the MUSON School of Music continue to grow and thrive. Their support has made this programme what it is today, and our graduates are a testament to that collective effort,” he said.


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Meta Introduces Muse Image With Advanced AI Image Editing Across WhatsApp and Instagram

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Meta is rolling out Muse Image, the companyʼs first image generation model from Meta Superintelligence Labs, now available in Meta AI . Muse Spark made Meta AI a smarter assistant; now, Muse Image acts as the creative partner that knows your world, making it easy to turn your ideas into high-quality visuals that you can download and share anywhere, including directly to your feed, story, or chat.

Meta Introduces Muse Image With Advanced AI Image Editing Across WhatsApp and Instagram

The model also powers new creative tools across Metaʼs apps. You can use more than 30 new AI-powered effects for Instagram Stories and generate images in your direct chats with Meta AI on WhatsApp — starting in limited countries with more locations on the way.

Simple Prompts, High-Quality Outputs

Whether you’re starting from scratch or working with an existing photo, you can describe what you want in simple, conversational language, and Meta AI handles the rest thanks to Muse Image. Ask it to mock up an image of you in front of a historical landmark, cleanly erase a photobomber from the background of a shot, or write a custom prompt to build a functional QR code. It will also render text cleanly inside your visuals, meaning you can ask for a how-to guide or a detailed infographic on a specific subject, and the text comes out legible and styled to match.

Suggested Presets to Help You Get Started

Sometimes the hardest part of creating is getting started. Meta AI now includes a presets panel with suggested prompts to help inspire you. One tap restores an old family photo, lets you see yourself with trending hairstyles, or reimagines you as a claymation character or a 16-bit video game hero. Whatever you create, itʼs easy to share with friends across Metaʼs apps so they can try the same preset on their own photos.

Shop Your Room Redesigns

You can also snap a photo of your room and ask Meta AI to redesign it with real products from the web or Facebook Marketplace. Suggest a style you love or ask Meta AI to pull from whatʼs trending to see what your space looks like with a full makeover.

An Intelligent Creative Partner

Muse Image doesn’t just build an image; it thinks through your prompt first. By pairing up with Muse Spark, the model takes multiple steps behind the scenes — planning its layout, looking up real-time web context, and intelligently blending multiple visual references at once. Whether you want to place your pet in a famous painting or combine a selfie with a vacation photo to create a custom postcard, Meta AI handles the complex reasoning for you so the final visual matches your vision perfectly.

Rooted in Your World

You can also @-mention Instagram accounts in the Meta AI app to bring specific Instagram profiles right into your images. Whether you want to design a custom event invitation, mock up a collaborative creative concept, or generate a personalized graphic, tagging a username lets Meta AI use public photos to build a visual thatʼs ready to post. You have control over how your content can be tagged for AI creation with an easy setting to turn this feature off at any time.

Edit Directly on the Photo

To make a change, just tap the markup icon on your creation to circle, sketch, or annotate edits right on top of the photo. Since Meta AI remembers the full context of your conversation, you can keep refining by swapping styles, adding elements, or tweaking details — all without starting from scratch.

Whatʼs Next

Soon, Meta will bring Muse Image to more countries and the places where people use Meta AI, including Facebook and Messenger, and additional surfaces on Instagram and WhatsApp. In the coming weeks, advertisers and agencies will be able to tap into Muse Image through Advantage+ creative.

Using Meta AI with Muse Image is free for everyday creation. For people who want to create even more, itʼs available as part of Metaʼs subscription plans.

Images are just the beginning. With Muse Video already in development, Meta is building entirely new ways for you to bring your ideas to life, getting one step closer to personal superintelligence.


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