President Bola Tinubu has assured global investors that Nigeria’s youthful population is ready to compete and integrate into the global economy, describing the country’s young people as tech-savvy, adaptable and eager to learn.
Speaking on Tuesday while receiving a delegation of Mastercard led by its Global Chief Executive Officer, Michael Miebach, at the State House in Abuja, the President welcomed the company’s proposal to train five million Nigerian businesses and equip them with digital skills.
Tinubu said his administration had repositioned and stabilised the economy to enhance Nigeria’s participation in the global economy, with a strong emphasis on empowering young people and small businesses through technology and digital tools.
He noted that ongoing efforts to formalise Nigeria’s largely informal small-business sector would unlock new opportunities for digital transformation, investment, employment and economic growth.
“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,” the President said.
According to him, more small businesses are embracing technology and formal registration, reflecting a changing business culture across the country.
“The most important asset is our youth. 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.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, represented at the meeting by Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said ongoing economic reforms have created opportunities for greater integration in payment systems, digital services and access to credit.
Oyedele noted that government efforts to digitise public services and formalise businesses are yielding results, revealing that more than 10,000 informal businesses have been applying for registration daily in recent months.
He said the administration aims to empower at least three million Nigerian youths and create more opportunities within the digital economy.
According to him, reforms in fiscal and tax policies, as well as initiatives in mortgages, consumer credit, student loans, auto financing and small-business loans, present significant opportunities for Mastercard and other financial technology firms.
Oyedele also highlighted Nigeria’s growing fintech ecosystem, noting that five of Africa’s nine fintech unicorns are Nigerian.
In his remarks, Mastercard CEO Michael Miebach pledged the company’s support for Nigeria’s economic reform agenda, describing the country as one of the most promising markets globally.
Miebach recalled establishing Mastercard’s Nigerian operations in 2011 and expressed confidence in the country’s future.
“It’s a little bit like coming home,” he said, noting that Mastercard has witnessed Nigeria’s growth and leadership role on the continent over the years.
He disclosed that Mastercard currently helps prevent about $200 million in fraud in Nigeria and contributes approximately $2 billion in foreign exchange inflows while supporting small and medium-sized enterprises and partnering with Nigerian banks.
The Mastercard chief said the company had recently engaged with the Governor of the Central Bank of Nigeria and leading banking executives in Lagos to explore opportunities for unlocking the potential of Nigeria’s estimated 40 million SMEs and strengthening connections between the Nigerian diaspora and the domestic economy.
“We want to ensure Nigeria is the most thriving and biggest economy on the continent. We want to drive the intra-African digital economy,” Miebach said.
He revealed that Mastercard has already developed a framework to provide digital skills and capacity-building support for 40 million small businesses in Nigeria, helping them establish and safely manage digital operations.
Miebach added that the company has designed a three-year programme for small businesses, with technical workshops already planned to ensure practical implementation and measurable impact.
He further announced investments in digital inclusion, trust and resilience, including the establishment of a Cyber Centre of Excellence focused on threat intelligence, incident response, artificial intelligence risks and other emerging cybersecurity challenges.
The meeting underscored the growing partnership between Nigeria and Mastercard in advancing digital inclusion, financial innovation and youth empowerment as part of broader efforts to strengthen the country’s economic transformation agenda.