President Bola Tinubu has assured foreign investors of Nigeria’s readiness to compete in the global digital economy, describing the country’s youthful population as its greatest asset.
Tinubu spoke while receiving a Mastercard delegation led by Global CEO Michael Miebach at the State House in Abuja on Tuesday.
The president welcomed Mastercard’s proposal to train five million businesses and equip them with digital skills, describing it as timely and aligned with the government’s economic transformation agenda. He noted that ongoing efforts to formalise Nigeria’s informal small-business sector would create broader opportunities for investment, employment, and digital growth.
“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,” Tinubu said.
He also highlighted the Bank of Industry’s MSME database as a resource to deepen financial inclusion and improve payment systems.
Finance Minister Taiwo Oyedele said the administration’s fiscal and tax reforms had created new openings in payment systems, credit, and digital infrastructure. He disclosed that more than 10,000 informal businesses had been applying for registration daily in recent months, and noted that five of Africa’s nine fintech unicorns are Nigerian.
“We are creating opportunities for work within the digital economy and formalising the very large informal sector that we have in Nigeria,” he said.
Miebach, who described his return to Nigeria as “coming home” after first establishing Mastercard’s operations in the country in 2011, said the company had developed a three-year framework to equip 40 million small businesses with digital skills and capacity-building support.
“We want to unlock the power of the 40 million SMEs in Nigeria, connect the diaspora to the homeland, and ensure Nigeria remains the most thriving and largest economy on the continent,” he said.
Miebach also assured the president of Mastercard’s ongoing investments in cybersecurity, artificial intelligence risk management, and digital trust through its Cyber Centre of Excellence.
