President Bola Ahmed Tinubu has assured global investors that Nigeria’s youthful and technology-driven population remains the country’s greatest asset, expressing strong support for Mastercard’s proposal to equip five million Nigerian businesses with digital skills.
Speaking on Tuesday while receiving a delegation from Mastercard led by its Global Chief Executive Officer, Michael Miebach, at the State House in Abuja, President Tinubu said ongoing economic reforms had repositioned and stabilised Nigeria’s economy for greater participation in the global marketplace.
The President emphasized that empowering young people and small businesses with digital tools and skills remains central to his administration’s economic agenda.
“Our most important asset is our youth,” Tinubu said, noting that Nigeria’s young population is ready to learn, adapt and compete effectively in the global digital economy.
He said the gradual formalisation of Nigeria’s largely informal business sector was creating new opportunities for investment, employment generation, digital transformation and economic growth.
The President commended Mastercard’s longstanding commitment to Nigeria and welcomed its plans to support small businesses through digital capacity-building initiatives.
“Mastercard has a very big reputation in financial management, and opportunities are spreading in Nigeria,” he said. “What you have been doing with our young population is commendable, and we will continue to support that in every form.”
Tinubu also highlighted the role of the Bank of Industry (BOI) in supporting Micro, Small and Medium Enterprises (MSMEs), stressing the importance of payment platforms and financial inclusion in driving business growth.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who joined the meeting, said the administration’s economic reforms had created significant opportunities for integration in Nigeria’s payment and credit ecosystems.
According to him, ongoing efforts to digitise government services and formalise businesses are yielding results, with more than 10,000 informal businesses reportedly applying for registration daily in recent months.
He noted that the reforms extend beyond payment systems to include mortgages, personal loans, consumer credit, auto financing, student loans and small-business lending.
The minister added that Nigeria’s rapidly growing fintech sector offers immense opportunities for Mastercard, pointing out that five of Africa’s nine fintech unicorns are Nigerian companies.
In his remarks, Mastercard CEO Michael Miebach reaffirmed the company’s commitment to supporting Nigeria’s economic transformation and digital inclusion agenda.
Miebach, who said he personally established Mastercard’s operations in Nigeria in 2011, described his return as “coming home” and praised the government’s efforts to align fiscal and monetary policies.
“We have seen the country grow and lead. There is a lot of momentum in Nigeria,” he said.
According to him, Mastercard currently helps prevent approximately $200 million in fraud annually while facilitating about $2 billion in foreign exchange inflows into the Nigerian economy.
He said the company is working closely with banks and other stakeholders to unlock the potential of Nigeria’s estimated 40 million small and medium-sized enterprises (SMEs), strengthen diaspora connections and support the country’s ambition of becoming Africa’s largest and most vibrant economy.
Miebach revealed that Mastercard has developed platforms and frameworks aimed at empowering 40 million Nigerian SMEs with digital capabilities, enabling them to participate more effectively in the digital economy.
“Many small businesses want to have a digital part of their business but do not know how to do that. Capacity building is critical to helping them operate safely and successfully in today’s cyber environment,” he said.
He disclosed that Mastercard has designed a three-year programme focused on training and supporting small businesses, adding that technical workshops have already been planned to ensure tangible outcomes.
Beyond digital skills development, Miebach said the company is investing in initiatives that promote inclusivity, trust, resilience and cybersecurity, including the establishment of a Cyber Centre of Excellence to support threat intelligence sharing, incident response and management of emerging risks associated with artificial intelligence and other technologies.
The meeting underscored growing collaboration between the Federal Government and global technology firms as Nigeria seeks to accelerate digital transformation, deepen financial inclusion and create new opportunities for millions of young people and entrepreneurs across the country.
