President Bola Ahmed Tinubu has assured foreign investors that Nigeria’s youthful population remains one of the country’s greatest assets, describing Nigerian youths as tech-savvy, adaptable and ready to integrate into the global economy.
The President gave the assurance on Tuesday while receiving a delegation from Mastercard led by its Global Chief Executive Officer, Michael Miebach, at the State House in Abuja.
Tinubu welcomed Mastercard’s proposal to train five million businesses and equip them with digital skills, noting that his administration has repositioned and stabilised the economy to encourage participation in the global digital marketplace.
He said the ongoing formalisation of Nigeria’s largely informal small-business sector would create more 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.
Tinubu noted that more small businesses are registering and embracing technology, adding that his administration remains committed to empowering young Nigerians with digital skills needed to address present and future challenges.
“The most important asset is our youth,” he said, while highlighting the role of the Bank of Industry in supporting Micro, Small and Medium Enterprises through its database and intervention programmes.
He stressed the importance of efficient payment systems and digital platforms in promoting financial inclusion for small 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.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the administration’s economic reforms have opened new opportunities for integration, particularly in the areas of credit and payment systems.
According to him, government efforts to digitise public services and formalise the informal sector are yielding results, with more than 10,000 informal businesses reportedly applying for registration daily in recent months.
He also highlighted reforms in consumer credit, mortgages, student loans and small-business financing, noting that Nigeria’s growing fintech sector presents significant opportunities for Mastercard and other global financial technology firms.
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Miebach reaffirmed Mastercard’s commitment to supporting Nigeria’s economic reforms and expanding digital opportunities across the country.
“We have a 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,” he said.
The Mastercard CEO disclosed that the company currently helps prevent about $200 million in fraud and facilitates approximately $2 billion in foreign exchange inflows into Nigeria’s economy.
He said Mastercard is working to unlock the potential of Nigeria’s estimated 40 million small and medium-sized enterprises, strengthen connections between Nigerians in the diaspora and their homeland, and promote intra-African digital trade.
According to him, the company has developed a framework to support millions of small businesses with digital skills and capacity-building programmes designed to help them operate safely in an increasingly digital environment.
Miebach also announced plans for a three-year programme focused on empowering small businesses and revealed that technical workshops had already been scheduled to ensure practical implementation.
He further pledged investments in cyber security, digital inclusion and resilience, including the establishment of a Cyber Centre of Excellence focused on threat intelligence, incident response and emerging risks associated with artificial intelligence and digital transactions.