President Bola Ahmed Tinubu on Tuesday assured global investors that Nigeria’s youthful population remains one of the country’s greatest strengths, describing Nigerian youths as tech-savvy, eager to learn and capable of competing effectively in the global digital economy.
The President gave the assurance while receiving a delegation from Mastercard led by its Global Chief Executive Officer, Michael Miebach, at the State House, Abuja.
Tinubu also welcomed Mastercard’s proposal to train five million Nigerian businesses and equip them with digital skills, saying the initiative aligns with his administration’s drive to empower youths and small businesses through technology and innovation.
According to a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, the President said ongoing economic reforms have repositioned and stabilised the Nigerian economy for greater participation in the global marketplace, while efforts to formalise the country’s vast informal business sector are creating fresh opportunities for digital transformation, investment and job creation.
“I am glad that you are very familiar with the terrain. I can classify you as a Nigerian. Mastercard has a very big reputation in financial management, and opportunities are spreading in Nigeria”, Tinubu said.
The President noted that business practices in the country are evolving, with more small businesses registering formally and embracing technology-driven operations.
“The most important asset is our youth. I missed one thing in your remark: whether you met with the Bank of Industry (BOI). BOI has a database of Micro, Small, and Medium Enterprises.
“Payment plans and platforms are very necessary for the inclusion of small and medium-scale businesses.
“What you have been doing with our young population is commendable, and we will continue to support that in every form. As the host country, the agreements we have with you are valid, and I want you to see us as partners”, he added.
Speaking at the meeting, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the administration’s economic reforms were opening new opportunities in digital payments, credit systems and business formalisation.
He said Mastercard’s interventions through the Mastercard Foundation complemented government efforts to strengthen small businesses and integrate the informal sector into the formal economy.
“You do more than payments, and that includes the work which you are doing in Nigeria through the Mastercard Foundation to support and strengthen small businesses and the informal sector
“This aligns well with the reforms of Mr President in different areas, cutting across the public and private sectors, including the ongoing efforts to digitise government services. We aim to enhance and empower at least three million youths in Nigeria,” Oyedele said.
He disclosed that more than 10,000 informal businesses have been applying for registration daily in recent months, attributing the development to ongoing fiscal and tax reforms.
Oyedele further highlighted opportunities in Nigeria’s growing credit economy, covering mortgages, consumer lending, student loans, auto financing and small-business credit, while noting that five of Africa’s nine fintech unicorns are based in Nigeria.
In his remarks, Miebach reaffirmed Mastercard’s commitment to supporting Nigeria’s economic transformation agenda, describing the country as one of the company’s most important markets on the continent.
“We have been in business here since 2011, and we have seen the country grow, and we have seen the country lead. We have seen your obviously clear alignment of fiscal and monetary policy that you have driven. In our world systems, there is a lot of momentum in Nigeria,” he said.
Recalling his role in establishing Mastercard’s operations in Nigeria, the CEO said, “I was the one who set up the Mastercard business in Nigeria in 2011. I was in Lagos and hired employee number one. So it’s a little bit like coming home.”
Miebach disclosed that Mastercard currently helps prevent about $200 million in fraud annually in Nigeria and facilitates the inflow of approximately $2 billion in foreign exchange into the economy.
He said the company was working with banks, small businesses and government institutions to unlock opportunities within Nigeria’s estimated 40 million small and medium enterprises.
“We want to drive the intra-African digital economy,” he stated.
The Mastercard chief executive revealed that the company had already developed a framework to empower 40 million Nigerian small businesses with digital capabilities and announced a three-year programme focused on capacity building, cybersecurity and digital business development.
“We have a three-year programme for small businesses. A technical workshop has been planned for this, so it is not just talk but action and impact,” he said.
Miebach also pledged continued investment in digital inclusion, trust and resilience through Mastercard’s Cyber Centre of Excellence, which provides threat intelligence, incident response support and monitoring of emerging risks, including those associated with artificial intelligence.
