Tinubu Courts Mastercard Investment, Says Nigeria’s Youths Are Nation’s Greatest Asset

June 23 () — President Bola Tinubu has reaffirmed that Nigeria’s youthful population remains the country’s most valuable resource, assuring global investors that the nation possesses a ready-to-learn, technology-driven workforce capable of competing effectively in the global economy.

The President made the remarks 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 a major boost to the administration’s efforts to deepen financial inclusion, formalise the informal sector and create sustainable employment opportunities.

According to the President, ongoing economic reforms have repositioned and stabilised Nigeria’s economy, laying the foundation for greater participation in the global digital economy. He noted that the formalisation of the country’s vast informal business sector would unlock fresh opportunities for investment, digital transformation, 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.

The President observed that business practices across the country were gradually evolving, with increasing numbers of small enterprises registering their businesses and embracing technology-driven solutions.

“The most important asset is our youth. I missed one thing in your remark: whether you met with the Bank of Industry (BOI). BOI has a database of Micro, Small and Medium Enterprises. Payment plans and platforms are very necessary for the inclusion of small and medium-scale businesses. What you have been doing with our young population is commendable, and we will continue to support that in every form. As the host country, the agreements we have with you are valid, and I want you to see us as partners”, the President added.

Also speaking during the meeting, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, alongside the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, highlighted the opportunities created by the administration’s economic reforms, particularly in digital payments, credit access and business formalisation.

Oyedele said the government reforms were opening new avenues for integration within the payment ecosystem while supporting the growth of small businesses and the informal sector.

“You do more than payments, and that includes the work which you are doing in Nigeria through the Mastercard Foundation to support and strengthen small businesses and the informal sector. This aligns well with the reforms of Mr President in different areas, cutting across the public and private sectors, including the ongoing efforts to digitise government services. We aim to enhance and empower at least three million youths in Nigeria”, he said.

He disclosed that fiscal and tax reforms introduced by the administration had encouraged more than 10,000 informal businesses to apply for registration daily in recent months.

According to him, the reforms are helping to integrate millions of businesses into the formal economy while creating new opportunities in the digital space.

“We are creating opportunities for work within the digital economy and the formalisation of the very large informal sector that we have in Nigeria. 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. This speaks to the opportunities that abound in Nigeria for organisations like Mastercard”, Oyedele stated.

He further noted that the administration’s credit economy agenda encompasses mortgages, consumer loans, personal loans, student loans, auto financing and small-business credit, creating significant opportunities for financial technology firms and payment companies.

Oyedele added that Nigeria remains a leading fintech destination in Africa, accounting for five of the continent’s nine fintech unicorns.

In his remarks, Mastercard CEO, Michael Miebach, expressed confidence in Nigeria’s economic direction and pledged the company’s support for the Federal Government’s reform agenda.

Miebach, who established Mastercard’s Nigerian operations in 2011, described his return to the country as “coming home”.

“We have a business here since 2011, and we have seen the country grow, and we have seen the country lead. We have seen your obviously clear alignment of fiscal and monetary policy that you have driven. In our world systems, there is a lot of momentum in Nigeria”, he said.

Reflecting on the company’s footprint in the country, Miebach disclosed that Mastercard currently helps prevent approximately $200 million in fraud while facilitating about $2 billion in foreign exchange inflows. He said the company continues to support small and medium-sized enterprises (SMEs), partner with Nigerian banks and promote financial inclusion.

“We recognise the moment that we are in. We spent time with the CBN Governor and had an opportunity to meet the leading bankers yesterday in Lagos to see where everything is going and the opportunity here to unlock the power of the 40 million SMEs in Nigeria, to really connect the diaspora to the homeland and ensure Nigeria is the most thriving and biggest economy on the continent. We want to drive the intra-African digital economy”, he said.

Miebach revealed that Mastercard had already developed a framework and platform aimed at empowering 40 million Nigerian small businesses with digital skills and tools necessary for operating safely in an increasingly digital environment.

“Many small businesses would like to have a digital part of their business, and they don’t know how to do that. Capacity building of small businesses vis-à-vis just opening a shop and keeping them safe in a cyber-world”, he explained.

He added that the company had designed a three-year programme for SMEs, backed by technical workshops and implementation strategies focused on delivering measurable impact rather than promises.

“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 said.

The Mastercard CEO also announced plans to deepen investments in digital inclusion, cybersecurity and resilience, including the establishment of a Cyber Centre of Excellence to provide threat intelligence, incident response capabilities and monitoring of emerging risks associated with artificial intelligence and other technologies.