In this paper, we consider the framework of nonlinear electrodynamics in locally rotationally symmetric (LRS) Bianchi-I universe model composed of magnetic fluid. It has been shown that an accelerated universe expansion takes place if the nonlinear electromagnetic field is a source of gravitational field. In this model, after the big bang, the universe undergoes inflation and the accelerated expansion, dissipates the initial anisotropy of the curvature part without using a selected initial condition. Further validity of generalised second law of thermodynamics in the cosmological model enclosed by apparent horizon is investigated. We also discuss the classical stability of the cosmological model and observational viability of the model.