Nigeria's future relies heavily on its young people, according to Tinubu

President Bola Tinubu emphasized the significance of Nigeria's youth population, describing them as tech-savvy and equipped to integrate into the global economy, as he met with Michael Miebach, the Global Chief Executive Officer of Mastercard, on Tuesday.

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This encounter took place at the State House in Abuja, where Tinubu welcomed Mastercard's proposal to train five million Nigerian small businesses and equip them with digital skills.

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A statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, quoted the President as saying that his administration's reforms have stabilized the Nigerian economy, enabling it to participate fully in global commerce, with a focus on empowering young people and small businesses with digital tools.

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Tinubu noted that the formalization of Nigeria's informal small-business sector is creating new pathways for digital transitions, investment, employment, and growth, and urged Mastercard to deepen its partnership with Nigerian institutions, particularly the Bank of Industry.

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The President stressed that Nigeria's youth are the country's most important asset and encouraged Mastercard to leverage the Bank of Industry's database of Micro, Small, and Medium Enterprises to facilitate payment plans and platforms for small and medium-scale businesses.

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Tinubu described Mastercard as a trusted presence in Nigeria's financial ecosystem, praising the company's reputation in financial management and expressing his administration's commitment to supporting Mastercard's initiatives, particularly those targeting the young population.

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He assured Mastercard of the government's full backing, emphasizing that the agreements between the company and the Nigerian government are valid and that the government views Mastercard as a partner.

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Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, highlighted the administration's economic reforms, which have opened significant opportunities for Mastercard's integration across credit and payment systems, generating extraordinary momentum through the formalization drive.

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Oyedele cited the example of over 10,000 informal businesses applying for registration daily over the past few months, demonstrating the opportunities available in Nigeria for organizations like Mastercard.

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The minister noted that the government aims to empower at least three million Nigerian youths through the digital economy, aligning with Mastercard's existing engagements, including the work of the MasterCard Foundation in supporting and strengthening small businesses and the informal sector.

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Oyedele also highlighted opportunities in the credit economy, spanning mortgages, personal loans, consumer credit, auto loans, small-business credit, and student loans, and noted that five of the nine fintech unicorns on the continent are domiciled in Nigeria.

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Michael Miebach, the Global CEO of Mastercard, described his visit as a homecoming, having established Mastercard's Nigeria operation in 2011 and hired the company's first employee in Lagos.

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Miebach disclosed that Mastercard prevents $200m in fraud annually in Nigeria and brings in $2bn in foreign exchange, while helping the SME sector and partnering with Nigerian commercial banks.

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He identified Nigeria's 40 million small businesses as the primary target for Mastercard's next phase of investment, aiming to unlock their potential and drive the intra-African digital economy.

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Miebach presented a proposal to the President, outlining a three-year program with technical workshops to support small businesses in developing their digital capabilities and ensuring their safety in the cyber world.

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He also announced the establishment of a Cyber Centre of Excellence, designed to capture and share threat intelligence, manage incident response, address artificial intelligence risks, and respond to emerging digital threats.