President Bola Tinubu has endorsed Mastercard’s plan to train five million Nigerian businesses in digital skills, saying the initiative aligns with his administration’s drive to empower youths, grow small businesses and deepen the digital economy.
Receiving a delegation led by Mastercard’s Global Chief Executive Officer, Michael Miebach, at the State House in Abuja on Tuesday, the President described Nigeria’s youthful population as the country’s greatest asset and assured investors that the nation is ready for the global digital economy.
“The most important asset is our youth. They are ready to learn, ready to innovate and ready to compete globally,” Tinubu said.
He stressed that digital payment platforms and technology would play a major role in expanding opportunities for Micro, Small and Medium Enterprises (MSMEs).
“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,” the President said.
Tinubu also urged Mastercard to deepen its partnership with government institutions, particularly the Bank of Industry, to accelerate support for Nigerian businesses.
“I want you to see us as partners. The agreements we have with you are valid, and together we can create more opportunities for our people,” he added.
Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said President Tinubu’s reforms were creating a more attractive environment for digital finance and business growth.
“One of the major reforms by Mr President 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,” Oyedele said.
He added that reforms in taxation, digital payments and consumer credit were expanding opportunities for businesses and investors.
Mastercard CEO Michael Miebach reaffirmed the company’s commitment to Nigeria, describing the country as one of Mastercard’s most important markets in Africa.
“We have seen the country grow, and we have seen your clear alignment of fiscal and monetary policy. There is a lot of momentum in Nigeria,” he said.
Recalling his personal connection with the country, Miebach said:
“I was the one who set up the Mastercard business in Nigeria in 2011. I was in Lagos and hired employee number one, so it is a little bit like coming home.”
He disclosed that Mastercard currently helps prevent about $200 million in fraud annually in Nigeria while facilitating roughly $2 billion in foreign exchange inflows.
Miebach said the company plans to empower 40 million Nigerian small businesses over the next three years through digital skills, cybersecurity training and financial technology solutions.
“Many small businesses want to become digital, but they don’t know how to do that. We have a three-year programme that goes beyond talk to action and impact,” he said.
He added: “We want to drive the intra-African digital economy, strengthen small businesses and connect the Nigerian diaspora more closely with opportunities back home.”