President Bola Ahmed Tinubu has assured foreign investors that Nigeria’s youth population is “tech-savvy, ready-to-learn and ready to integrate into the global economy,” as he welcomed Mastercard’s plan to train five million businesses in digital skills.
The President spoke on Tuesday at the State House while receiving a delegation from Mastercard led by Global Chief Executive Officer Michael Miebach. Tinubu said the economy had been repositioned and stabilised to fully participate in the global market, with emphasis on empowering youths and small businesses with digital tools.
“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 told Miebach.
He noted that business orientation was changing, with more small businesses registering and embracing technology. The President also stressed the role of the Bank of Industry, which he said has a database of Micro, Small and Medium Enterprises needed for payment platforms and inclusion.
“The most important asset is our youth. 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 economic reforms were creating opportunities in credit and payment systems. He noted that more than 10,000 informal businesses apply for registration daily, and that government aims to empower at least 3 million youths through digital economy jobs and formalisation of the informal sector. He also highlighted opportunities for Mastercard in mortgages, consumer credit, auto loans and student loans, and said five of Africa’s nine fintech unicorns are in Nigeria.
Miebach assured Tinubu of Mastercard’s commitment, recalling that he personally set up the company’s Nigeria business in 2011. He said Mastercard already prevents $200 million in fraud annually and brings in $2 billion in foreign exchange, while partnering with banks to support SMEs.
“We recognise the moment that we are in… the opportunity here to unlock the power of the 40 million SMEs in Nigeria, to really connect the diaspora to the homeland and ensure Nigeria is the most thriving and biggest economy on the continent,” Miebach said.
He added that Mastercard has built a framework to empower 40 million small businesses with digital skills, including a three-year programme with technical workshops, cyber security training and a Cyber Centre of Excellence to tackle AI and emerging digital risks.
The meeting signals deepening partnership between Nigeria and global fintech players as Tinubu’s administration pushes digitalisation and youth employment.
