By By Elizabeth Ugbo
President Bola Ahmed Tinubu on Tuesday received a delegation from Mastercard, led by its Global Chief Executive Officer, Michael Miebach, at the State House in Abuja. During the meeting, the President welcomed Mastercard’s proposal to train five million Nigerian businesses in digital skills. He emphasized that Nigeria’s youthful population, ongoing economic reforms, and expanding digital economy position the country for greater global competitiveness.
Nigerian Youths Remain the Nation’s Greatest Asset
President Tinubu described Nigeria’s young population as the country’s most valuable resource. He noted that Nigerian youths are innovative, tech-savvy, and eager to learn new skills.
According to him, the government remains committed to equipping young people with digital tools needed for future opportunities.
“The most important asset is our youth,” the President said.
He added that the government will continue supporting initiatives that strengthen digital inclusion and entrepreneurship.
Economic Reforms Creating New Opportunities
President Tinubu stated that recent economic reforms have stabilized the economy and improved investor confidence.
He explained that the formalisation of small businesses continues to create opportunities for investment, job creation, and digital transformation.
The President also noted that more entrepreneurs now register their businesses and embrace technology-driven solutions.
Mastercard Commits to Training Five Million Businesses
Mastercard’s CEO, Michael Miebach, reaffirmed the company’s commitment to supporting Nigeria’s economic growth.
He announced plans to train five million Nigerian businesses through digital capacity-building programmes.
Miebach said many small businesses want to operate digitally but lack the necessary skills and knowledge.
Therefore, Mastercard has developed a three-year programme to help entrepreneurs build digital capabilities and improve cybersecurity awareness.
“We want to move beyond discussions and deliver measurable impact,” he said.
Finance Minister Highlights Digital Economy Growth
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, represented by Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said government reforms are driving growth across several sectors.
He revealed that more than 10,000 informal businesses now apply for registration daily.
According to Oyedele, the government aims to empower at least three million Nigerian youths through digital economy initiatives.
He also highlighted opportunities in consumer credit, mortgages, student loans, auto financing, and SME lending.
Nigeria Emerging as Africa’s Digital Hub
Oyedele noted that Nigeria hosts five of Africa’s nine fintech unicorns.
He added that the country’s growing digital ecosystem offers significant opportunities for payment innovation and financial inclusion.
Furthermore, he said ongoing efforts to digitise government services will improve efficiency and support business growth.
Mastercard Expands Investments in Nigeria
Miebach described Nigeria as a strategic market for Mastercard.
He recalled establishing the company’s operations in Nigeria in 2011 and praised the country’s economic progress.
According to him, Mastercard currently helps prevent over $200 million in fraud and facilitates about $2 billion in foreign exchange inflows.
The company also partners with Nigerian banks and supports small businesses across the country.
Focus on Cybersecurity and Digital Trust
Beyond payments, Mastercard plans to strengthen cybersecurity infrastructure in Nigeria.
Miebach disclosed that the company is investing in a Cyber Centre of Excellence to improve threat intelligence, incident response, and resilience against emerging digital risks.
He stressed that trust and security remain critical to sustaining growth in the digital economy.
Strengthening Nigeria’s Position in the Global Economy
President Tinubu welcomed Mastercard’s continued investment and reaffirmed the government’s commitment to supporting private-sector partnerships.
He said collaboration between government and global technology companies will help unlock opportunities for millions of Nigerians and accelerate economic growth.
The President urged Mastercard to view Nigeria as a long-term partner in building a thriving digital economy.
