President Bola Ahmed Tinubu has assured global investors that Nigeria’s youthful population possesses the skills, adaptability and technological aptitude required to compete effectively in the global economy, reaffirming his administration’s commitment to digital empowerment and economic inclusion.
The President gave the assurance on Tuesday while receiving a delegation from Mastercard led by its Global Chief Executive Officer, Michael Miebach, at the Presidential Villa, Abuja,
This is contained is in a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
President Tinubu welcomed Mastercard’s proposal to train five million Nigerian businesses and equip them with digital skills, describing the initiative as timely and consistent with his administration’s drive to modernise the economy and expand opportunities for small businesses and young entrepreneurs.
He said ongoing economic reforms had repositioned and stabilised the Nigerian economy for greater participation in the global marketplace, with particular emphasis on digital transformation, financial inclusion and youth empowerment.
The President noted that efforts to formalise Nigeria’s vast informal business sector would unlock new opportunities for investment, employment generation, digital transactions and sustainable economic growth.
Commending Mastercard’s longstanding presence and contributions to Nigeria’s financial ecosystem, Tinubu expressed confidence in the company’s commitment to supporting the country’s development agenda.
“The most important asset is our youth,” the President said, stressing the need for stronger payment platforms and financial systems that would support the growth of Micro, Small and Medium Enterprises (MSMEs).
He highlighted the strategic role of the Bank of Industry (BOI), which maintains a comprehensive database of MSMEs, and called for deeper collaboration to enhance financial inclusion and business growth across the country.
President Tinubu further assured Mastercard of the Federal Government’s continued support, describing the company as a valued partner in Nigeria’s economic transformation.
Speaking during the meeting, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the administration’s economic reforms had created significant opportunities in digital payments, credit systems and business formalisation.
According to him, more than 10,000 informal businesses have been applying for registration daily in recent months, reflecting growing confidence in the government’s reform initiatives.
Oyedele said the administration was also pursuing policies designed to expand access to mortgages, consumer credit, auto loans, student loans and small-business financing, while creating opportunities for millions of youths within the digital economy.
He noted that Nigeria remains Africa’s leading fintech hub, with five of the continent’s nine fintech unicorns operating in the country, creating vast opportunities for global technology and financial service providers.
In his remarks, Mastercard CEO Michael Miebach pledged the company’s support for the Federal Government’s economic reform agenda, citing growing investor confidence in Nigeria.
Miebach, who played a key role in establishing Mastercard’s operations in Nigeria in 2011, described the country as a strategic market with enormous growth potential.
He disclosed that Mastercard currently helps prevent approximately $200 million in fraud annually in Nigeria while facilitating about $2 billion in foreign exchange inflows through its operations.
The Mastercard chief said the company was committed to helping unlock the economic potential of Nigeria’s estimated 40 million small and medium-sized enterprises by providing digital tools, capacity-building programmes and access to global markets.
According to him, Mastercard has already developed a framework to empower millions of Nigerian businesses with digital skills, enabling them to operate safely and competitively in an increasingly technology-driven world.
Miebach revealed that a three-year programme aimed at strengthening the digital capabilities of small businesses is set to commence, with technical workshops already planned to ensure measurable impact and results.
He also reaffirmed Mastercard’s commitment to promoting digital inclusion, cybersecurity, resilience and innovation through investments in advanced technologies, including a Cyber Centre of Excellence designed to address emerging threats, artificial intelligence risks and incident response.
The meeting underscored the Federal Government’s determination to leverage technology, innovation and strategic partnerships to accelerate economic growth, expand financial inclusion and create sustainable opportunities for Nigeria’s growing youth population.
