President Bola Ahmed Tinubu has described Nigeria’s youthful population as the country’s greatest asset, assuring foreign investors that the nation’s tech-savvy and adaptable workforce is well-positioned to compete in the global digital economy.
The President made the remarks on Tuesday while receiving a delegation from Mastercard led by its Global Chief Executive Officer, Michael Miebach, at the Presidential Villa in Abuja.
According to a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, Tinubu welcomed Mastercard’s proposal to train five million Nigerian businesses and equip them with digital skills to enhance productivity and competitiveness.
The President said his administration has repositioned and stabilised the economy to enable greater participation in the global marketplace, with a strong focus on empowering youths and small businesses through digital transformation.
He noted that ongoing efforts to formalise Nigeria’s largely informal business sector would unlock new opportunities for investment, employment, innovation 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,” Tinubu said.
The President observed that more small businesses are embracing technology and formal registration, adding that his administration remains committed to expanding access to digital skills for young Nigerians.
“The most important asset is our youth,” he said.
Tinubu also highlighted the importance of financial inclusion, urging stronger collaboration with institutions such as the Bank of Industry to support Micro, Small and Medium Enterprises (MSMEs).
“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,” he added.
Speaking during the meeting, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, represented by Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said the administration’s economic reforms have created significant opportunities in digital payments, credit systems and business formalisation.
According to Oyedele, more than 10,000 informal businesses have been applying for registration daily in recent months as a result of ongoing fiscal and tax reforms.
He noted that the government is targeting the empowerment of at least three million youths through digital economy initiatives while strengthening access to credit facilities, including mortgages, consumer loans, student loans and financing for small businesses.
Oyedele also pointed out that five of Africa’s nine fintech unicorns are based in Nigeria, demonstrating the country’s growing influence in the technology and financial services sectors.
Mastercard CEO Michael Miebach reaffirmed the company’s commitment to supporting Nigeria’s economic transformation and digital inclusion agenda.
“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 clear alignment of fiscal and monetary policy that you have driven. In our world systems, there is a lot of momentum in Nigeria,” Miebach said.
He recalled establishing Mastercard’s operations in Nigeria in 2011 and described the country as a key market with enormous growth potential.
According to him, Mastercard currently helps prevent approximately $200 million in fraud annually while contributing about $2 billion in foreign exchange inflows through its operations and partnerships.
Miebach said the company is working to unlock opportunities for Nigeria’s estimated 40 million small businesses by providing digital skills, financial inclusion tools and secure payment systems.
“We want to drive the intra-African digital economy,” he stated.
The Mastercard chief disclosed that the company has already developed a framework to empower 40 million small businesses in Nigeria with digital capabilities, helping them transition into the digital economy and operate safely in an increasingly connected world.
He added that Mastercard has designed a three-year programme for small businesses, including technical workshops aimed at delivering measurable impact rather than mere commitments.
Miebach also highlighted ongoing investments in cybersecurity, resilience, digital trust and inclusion through the establishment of a Cyber Centre of Excellence focused on threat intelligence, incident response, artificial intelligence risks and emerging cyber threats.
The meeting underscored growing collaboration between the Nigerian government and global technology firms to accelerate digital transformation, expand financial inclusion and strengthen the country’s position as a leading digital economy in Africa.
