President Bola Ahmed Tinubu has assured global investors that Nigeria’s youthful population is prepared to compete in the global economy, highlighting the country’s growing pool of tech-savvy and adaptable young people.
Speaking during a meeting with a delegation led by Chief Executive Officer Michael Miebach at the State House in Abuja on Tuesday, Tinubu welcomed the company’s proposal to train five million Nigerian businesses in digital skills and technology adoption.
According to a statement released by presidential spokesman Bayo Onanuga and reported by Channels Television, the President said ongoing economic reforms have repositioned and stabilised Nigeria’s economy for greater participation in the global marketplace.
Tinubu described the country’s youth population as its most valuable asset and said his administration would continue to support programmes that expand digital literacy and economic opportunities.
He noted that the formalisation of Nigeria’s largely informal business sector is creating new opportunities for investment, employment and digital transformation. The President also pointed to increased business registration and technology adoption among small enterprises across the country.
The President urged stronger collaboration between Mastercard and the Bank of Industry, noting that improved payment platforms and financial inclusion initiatives are essential for the growth of micro, small and medium-sized enterprises.
Reforms Creating New Opportunities
Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele said recent economic reforms are opening new opportunities in digital payments, credit systems and business formalisation.
According to Oyedele, more than 10,000 informal businesses have applied for registration daily in recent months, reflecting growing participation in the formal economy.
He added that government reforms are also expanding access to mortgages, consumer credit, auto loans, student loans and small-business financing, creating fresh opportunities for payment providers and fintech firms.
Oyedele further noted that five of Africa’s nine fintech unicorns are based in Nigeria.
Mastercard Targets 40 Million SMEs
Miebach reaffirmed Mastercard’s commitment to supporting Nigeria’s economic transformation, describing the country as a key growth market.
He said Mastercard has operated in Nigeria since 2011 and currently helps prevent approximately $200 million in fraud while facilitating around $2 billion in foreign exchange inflows.
The Mastercard CEO said the company has developed a framework aimed at empowering 40 million Nigerian small businesses with digital skills and tools. He explained that many small enterprises want to expand online but require support in areas such as digital operations, cybersecurity and business development.
Miebach disclosed that Mastercard has designed a three-year programme for small businesses, supported by technical workshops intended to deliver measurable results.
He also highlighted investments in digital inclusion, cybersecurity and resilience, including the company’s Cyber Centre of Excellence, which focuses on threat intelligence, incident response and emerging risks associated with artificial intelligence.
