Yemi Obafemi
President Bola Ahmed Tinubu has assured global investors that Nigeria’s youthful population is tech savvy, eager to learn, and well positioned to integrate into the global economy.
Speaking on Tuesday while receiving a delegation from Mastercard led by its Chief Executive Officer, Michael Miebach, at the State House in Abuja, the President welcomed the company’s proposal to train five million Nigerian businesses in digital skills.
Tinubu said ongoing economic reforms have repositioned and stabilised the Nigerian economy, creating opportunities for youth empowerment, digital transformation, investment, and business growth.
“The most important asset is our youth,” the President said. “What you have been doing with our young population is commendable, and we will continue to support that in every form.”
He noted that more small businesses are embracing technology and formalising their operations, adding that the trend would further drive digital inclusion and economic growth.
The President also stressed the importance of digital payment platforms for Micro, Small and Medium Enterprises (MSMEs), urging stronger collaboration with the Bank of Industry, which maintains a database of small businesses across the country.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, represented by Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said the administration’s reforms have expanded opportunities in Nigeria’s credit and payment systems.
According to him, more than 10,000 informal businesses have applied for registration daily in recent months, reflecting growing confidence in the formal economy.
He added that government efforts to digitise services and expand access to credit including mortgages, consumer loans, business financing and student loans are creating new opportunities for financial service providers.
In his remarks, Mastercard CEO Michael Miebach reaffirmed the company’s commitment to supporting Nigeria’s economic transformation.
“We recognise the moment that we are in,” Miebach said. “There is a lot of momentum in Nigeria.”
He disclosed that Mastercard has operated in Nigeria since 2011 and currently supports efforts to strengthen payment systems, combat fraud and expand access to digital financial services.
Miebach said the company is helping unlock opportunities for Nigeria’s estimated 40 million small businesses through digital skills training and technology solutions.
“Many small businesses would like to have a digital part of their business, and they don’t know how to do that,” he said.
He added that Mastercard has developed a three year programme aimed at equipping small businesses with digital and cybersecurity skills, noting that a technical workshop has already been planned to ensure implementation.
The Mastercard chief also pledged continued investment in digital inclusion, cybersecurity, resilience and innovation, including support through a Cyber Centre of Excellence focused on threat intelligence, incident response and emerging risks.
