Our youths are ready, tech-savvy — Tinubu tells Mastercard GCEO
By Precious Mark
President Bola Ahmed Tinubu has described Nigeria’s youth as the country’s greatest asset, stating that they are tech-savvy, ready to learn, and well-positioned to integrate into the global digital economy.
The President made these remarks on Tuesday in Abuja while receiving a delegation from Mastercard, led by its Global Chief Executive Officer, Michael Miebach, at the State House.
Tinubu welcomed Mastercard’s proposal to train 5 million businesses and equip them with digital skills, noting that such initiatives align with his administration’s push to empower youths and small businesses through technology and innovation.
He stated that the Nigerian economy has been repositioned and stabilized to participate fully in the global market.
He added that ongoing efforts to formalize the country’s largely informal small-business sector would unlock new opportunities for investment, employment, and growth.
Assuring the delegation that his administration would continue to support digital skills acquisition and youth empowerment programs, Tinubu emphasized that Nigeria’s business environment is gradually changing as more small enterprises register and adopt modern technology.
He also referenced the Bank of Industry (BOI), highlighting its database of micro, small, and medium enterprises as a key resource for expanding financial inclusion and digital access, noting that payment platforms are necessary for the inclusion of small and medium-scale businesses.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun explained that ongoing economic reforms have created new opportunities in credit, payments, and digital financial systems.
He stated that government efforts to digitize public services and expand financial inclusion are already yielding results, including increased formal registration of informal businesses.
According to him, more than 10,000 informal businesses now apply for registration daily, while the government is targeting the empowerment of at least three million youths through digital economy initiatives.
The Minister added that Nigeria’s reforms are expanding access to credit across mortgages, consumer loans, student loans, and small business financing, describing the financial technology space as a major growth frontier.
He also noted that five of Africa’s nine fintech unicorns are based in Nigeria, underscoring the country’s growing influence in the digital finance sector.
In his remarks, Mastercard CEO Michael Miebach restated the company’s commitment to supporting Nigeria’s economic reforms and digital transformation agenda.
He noted that Mastercard has operated in Nigeria since 2011 and has contributed significantly to financial inclusion, fraud prevention, and foreign exchange inflows, successfully preventing $200 million in fraud and bringing in $2 billion in foreign exchange.
Miebach disclosed that Mastercard has engaged with the Central Bank of Nigeria (CBN) Governor and other banking leaders to explore opportunities for expanding digital payments and connecting Nigeria’s estimated 40 million small businesses to the global economy.
He also announced plans for a three-year program aimed at providing digital skills and cybersecurity support for small businesses, which includes the establishment of a Cyber Center of Excellence focused on threat intelligence and emerging risks such as artificial intelligence.
The delegation concluded with discussions on improving intra-African digital trade and leveraging payment systems to connect the diaspora with local businesses.