President Bola Tinubu has assured foreign investors that Nigeria’s youthful population is ready to learn, adopt technology and compete in the global economy.
He 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.
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President Tinubu welcomed Mastercard’s proposal to support millions of Nigerian businesses with digital skills and tools, saying the country’s economic reforms are creating new opportunities for growth and investment.
According to him, ongoing efforts to formalise businesses operating in the informal sector will accelerate digital adoption, improve access to opportunities and stimulate economic growth.
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“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.”
The president said more small businesses are embracing technology and registering their operations, a development he described as important for economic expansion.
“Payment plans and platforms are very necessary for the inclusion of small and medium-scale businesses,” he added.
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The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said ongoing reforms are creating opportunities in the digital economy, particularly for young people and small businesses.
According to him, government efforts to digitise services and expand financial inclusion are helping to bring more businesses into the formal economy.
“We aim to enhance and empower at least three million youths in Nigeria,” Mr Oyedele said.
“We are creating opportunities for work within the digital economy and the formalisation of the very large informal sector that we have in Nigeria.”
He added that recent tax and fiscal reforms have encouraged more informal businesses to register officially.
“One of the major reforms by Mr President in fiscal and tax matters has led to more than 10,000 informal businesses applying for registration every day over the past few months,” he said.
Speaking during the meeting, Mr Miebach said Mastercard remains committed to supporting Nigeria’s economic transformation and digital growth.
He noted that the company has operated in Nigeria since 2011 and has witnessed significant changes in the country’s financial and business landscape.
“We have a business here since 2011, and we have seen the country grow, and we have seen the country lead,” he said.
“In our world systems, there is a lot of momentum in Nigeria.”
Mr Miebach said Mastercard is working to help small businesses expand through digital tools, financial inclusion and capacity building.
“We recognise the moment that we are in,” he said. “We want to drive the intra-African digital economy.”
According to him, the company has developed programmes aimed at helping small businesses build digital capabilities and operate safely in an increasingly technology-driven environment.
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“Many small businesses would like to have a digital part of their business, and they don’t know how to do that. We have a three-year programme for small businesses. A technical workshop has been planned for this, so it is not just talk but action and impact,” he noted.
Mr Miebach also said Mastercard would continue investing in digital security, inclusion and resilience, including initiatives focused on cyber security and emerging technology risks.
The meeting comes as the Federal Government seeks to expand digital participation, strengthen small businesses and position Nigeria as a leading player in Africa’s digital economy.
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