President Bola Ahmed Tinubu has assured global investors that Nigeria’s youthful population remains the country’s greatest asset, describing Nigerian youths as tech-savvy, adaptable, and ready to integrate into the global 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 Presidential Villa in Abuja.
Tinubu welcomed Mastercard’s proposal to train five million Nigerian businesses and equip them with digital skills, describing the initiative as timely and consistent with his administration’s efforts to modernise the economy and empower young people and small businesses.
According to the President, ongoing economic reforms have repositioned and stabilised Nigeria’s economy for greater participation in the global marketplace. He noted that the formalisation of the country’s vast informal sector would create opportunities for digital transformation, investment, job creation, 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.
He observed that more small businesses are embracing technology and formal registration, stressing that digital empowerment remains central to the government’s development agenda.
“The most important asset is our youth,” the President stated, adding that payment platforms and digital financial services are critical to improving inclusion among micro, small, and medium-sized enterprises (MSMEs).
Tinubu also highlighted the importance of collaboration with institutions such as the Bank of Industry (BOI), which maintains a comprehensive database of MSMEs across the country.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the administration’s reforms have opened new opportunities in credit systems, digital payments, and the formalisation of businesses.
According to him, more than 10,000 informal businesses have been applying for registration daily in recent months, driven by ongoing fiscal and tax reforms.
Oyedele noted that government initiatives are aimed at empowering at least three million Nigerian youths through opportunities in the digital economy while expanding access to mortgages, personal loans, consumer credit, student loans, and small-business financing.
He added that Nigeria presents significant opportunities for Mastercard and other financial technology companies, noting that five of Africa’s nine fintech unicorns are based in the country.
Speaking during the meeting, Mastercard CEO Michael Miebach reaffirmed the company’s commitment to supporting Nigeria’s economic reforms and digital transformation agenda.
Miebach, who said he personally established Mastercard’s Nigerian operations in 2011, described the country as a strategic market with enormous growth potential.
“We have seen the country grow, and we have seen the country lead. There is a lot of momentum in Nigeria,” he said.
He revealed that Mastercard currently helps prevent approximately $200 million in fraud annually in Nigeria while facilitating about $2 billion in foreign exchange inflows. He also noted that the company is working closely with banks and stakeholders to strengthen the SME sector and deepen financial inclusion.
Miebach disclosed that Mastercard has developed a framework aimed at empowering up to 40 million small businesses in Nigeria with digital skills, helping them establish online operations and improve cybersecurity resilience.
He further announced a three-year programme focused on capacity building for small businesses, including technical workshops designed to deliver measurable impact.
In addition, Mastercard plans to invest in initiatives promoting digital inclusion, trust, resilience, and cybersecurity through a Cyber Centre of Excellence that will provide threat intelligence, incident response capabilities, and support for addressing emerging risks associated with artificial intelligence and other technologies.
The meeting underscored growing collaboration between Nigeria and global financial technology institutions as the country pursues economic reforms, digital transformation, and youth empowerment as key drivers of sustainable growth.