Tinubu Assures Mastercard of Nigeria’s Tech-Savvy Youths

….Backs Digital Skills Training for SMEs

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 digital 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, describing the initiative as a major boost for Nigeria’s economic transformation agenda.

According to the President, ongoing economic reforms have repositioned and stabilised the Nigerian economy, creating opportunities for investment, digital innovation, and job creation, particularly among young people and small businesses.

He noted that efforts to formalise Nigeria’s vast informal sector would accelerate digital adoption, attract investments, and enhance economic growth.

“The most important asset is our youth,” Tinubu said, adding that payment platforms and financial inclusion initiatives are critical for supporting Micro, Small and Medium Enterprises (MSMEs).

The President commended Mastercard’s engagement with Nigerian youths and pledged continued government support for initiatives that expand digital skills and economic opportunities.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the administration’s reforms have opened up new opportunities in credit systems, payment solutions, and digital government services.

He disclosed that more than 10,000 informal businesses have been applying for registration daily in recent months, attributing the trend to fiscal and tax reforms introduced by the administration.

Oyedele also highlighted opportunities in Nigeria’s growing credit economy, including mortgages, consumer loans, business financing, and student loans, while noting that five of Africa’s nine fintech unicorns are based in Nigeria.

Speaking during the meeting, Mastercard CEO Michael Miebach reaffirmed the company’s commitment to supporting Nigeria’s economic reforms and digital transformation.

Miebach, who said he established Mastercard’s Nigerian operations in 2011, described the country as a key market with significant growth potential.
He revealed that Mastercard currently helps prevent about $200 million in fraud and facilitates approximately $2 billion in foreign exchange inflows into Nigeria.

According to him, the company is working to unlock the potential of Nigeria’s estimated 40 million SMEs through digital tools, financial inclusion, and stronger links between the diaspora and the local economy.

Miebach added that Mastercard has already developed a framework to empower millions of small businesses with digital skills and plans to implement a three-year programme focused on capacity building, cybersecurity awareness, and digital business development.

He also announced plans for a Cyber Centre of Excellence aimed at strengthening resilience against cyber threats, managing emerging artificial intelligence risks, and improving incident response capabilities.

The Mastercard chief expressed confidence that Nigeria has the potential to become the largest and most thriving economy on the African continent while driving the growth of the intra-African digital economy.