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Tinubu eyes digital future for Nigerian youths through Mastercard partnership
President Bola Ahmed Tinubu has reaffirmed Nigeria’s commitment to building a digitally driven economy, describing the country’s youthful population as its most valuable resource and a key driver of future economic growth.
Speaking on Tuesday while receiving a delegation from Mastercard led by its Global Chief Executive Officer, Michael Miebach, at the Presidential Villa in Abuja, Tinubu assured international investors that Nigeria’s young, tech-savvy workforce is well-positioned to compete and thrive in the global digital economy.
The President welcomed Mastercard’s proposal to provide digital skills training for five million Nigerian businesses, describing the initiative as a major boost to ongoing efforts to modernise the economy, expand financial inclusion and empower small enterprises.
According to Tinubu, recent economic reforms have repositioned and stabilised Nigeria’s economy, creating a stronger foundation for investment, innovation and sustainable growth.
“Our 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 it in every form. As the host country, the agreements we have with you remain valid, and we see Mastercard as a strategic partner.”
The President noted that Nigeria’s business landscape is undergoing a significant transformation, with increasing numbers of small businesses embracing technology and formalising their operations.
He said the ongoing formalisation of the largely informal sector would unlock new opportunities for investment, job creation, digital adoption and economic expansion.
Tinubu also highlighted the importance of digital payment platforms and financial services in deepening the participation of micro, small and medium-sized enterprises (MSMEs) in the formal economy.
He urged Mastercard to collaborate closely with the Bank of Industry (BOI), which maintains an extensive database of MSMEs across the country, to further strengthen access to financial services and digital tools for small businesses.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, told the meeting that the administration’s economic reforms are opening new avenues for integration in payment systems, digital services and credit access.
Oyedele said Mastercard’s activities in Nigeria extend beyond payment processing and include supporting entrepreneurship and strengthening the informal sector through the Mastercard Foundation.
He noted that the company’s objectives align closely with the government’s broader reform agenda, particularly efforts aimed at digitising public services and expanding opportunities for young Nigerians within the digital economy.
“We aim to enhance and empower at least three million youths in Nigeria,” Oyedele said.
He revealed that recent fiscal and tax reforms introduced by the Tinubu administration have encouraged more businesses to enter the formal economy, with over 10,000 informal businesses reportedly applying for registration daily in recent months.
According to him, the development underscores the vast opportunities available for investors and technology-driven organisations seeking to expand operations in Nigeria.
The minister also pointed to emerging opportunities within the country’s growing credit economy, including mortgages, personal loans, student loans, consumer financing, auto loans and credit facilities for small businesses.
In his remarks, Mastercard CEO Michael Miebach reaffirmed the company’s commitment to supporting Nigeria’s economic transformation and digitalisation agenda.
Miebach, who played a key role in establishing Mastercard’s operations in Nigeria in 2011, described his visit as a homecoming and praised the progress made by the country over the years.
“We have been in Nigeria since 2011, and we have seen the country grow and lead,” he said. “There is significant momentum in Nigeria, driven by the alignment of fiscal and monetary policies.”
He disclosed that Mastercard currently helps prevent approximately $200 million in fraud annually while facilitating about $2 billion in foreign exchange inflows into Nigeria.
The company, he added, continues to support the growth of small businesses and maintain partnerships with Nigerian banks and financial institutions.
Miebach said discussions with the Central Bank of Nigeria (CBN) and leading banking executives during a recent visit to Lagos reinforced Mastercard’s confidence in the country’s economic prospects
He noted that Nigeria’s estimated 40 million small and medium-sized enterprises represent a major opportunity for digital transformation and economic expansion.
“We want to unlock the power of Nigeria’s SMEs, connect the diaspora to the homeland, and help ensure that Nigeria becomes the largest and most thriving economy on the African continent,” he said.
According to Miebach, Mastercard’s initiative focuses not only on helping businesses establish an online presence but also on strengthening their cybersecurity awareness and resilience in an increasingly digital environment.
He announced that the company has designed a three-year programme dedicated to supporting small businesses through technical workshops, skills development and practical digital solutions.
“This is not just about discussions; it is about action and measurable impact,” Miebach said.
He further disclosed plans to invest in initiatives that promote inclusivity, trust and resilience within the digital economy, including the establishment of a Cyber Centre of Excellence focused on threat intelligence, incident response, artificial intelligence risks and other emerging cybersecurity challenges.