Tinubu calls on investors to tap into Nigeria's pool of digitally-literate young professionals

President Bola Tinubu emphasized that Nigeria's youthful population is its most significant asset, and he assured foreign investors that the country has a tech-savvy workforce ready to compete globally. He made this statement while receiving a delegation from Mastercard, led by its Global Chief Executive Officer, Michael Miebach, at the State House in Abuja.

n

This meeting was disclosed in a statement issued by Presidential Spokesperson, Mr Bayo Onanuga, on Tuesday in Abuja, highlighting the president's engagement with foreign investors.

n

President Tinubu welcomed Mastercard's proposal to train five million businesses and equip them with digital skills, describing the initiative as timely and beneficial to Nigeria's economic transformation agenda.

n

The president noted that the economy has been repositioned and stabilized to participate fully in the global economy, with a focus on empowering youths and small businesses through digital tools and skills.

n

Ongoing efforts to formalize Nigeria's largely informal small-business sector would create more opportunities for investment, employment, digital transition, and economic growth, according to President Tinubu.

n

President Tinubu expressed his appreciation for Mastercard's familiarity with the Nigerian terrain, saying "I am glad that you are very familiar with the terrain, I can classify you as a Nigerian.

n

He also acknowledged Mastercard's reputation in financial management, stating "Mastercard has a very big reputation in financial management, and opportunities are spreading in Nigeria," and expressed his willingness to support the company's initiatives.

n

President Tinubu emphasized the importance of Nigeria's youth, saying "The most important asset is our youth," and commended Mastercard's efforts to empower them.

n

He assured Mastercard of the government's support, stating "What you have been doing with our young population is commendable, and we will continue to support that in every form," and expressed his desire to partner with the company.

n

President Tinubu highlighted the role of the Bank of Industry, noting that its database of Micro, Small and Medium Enterprises would support efforts to deepen financial inclusion and improve payment systems.

n

Earlier, Mr Taiwo Oyedele, Minister of Finance, said the administration's reforms had created new opportunities for integration, particularly in payment and credit systems.

n

According to the minister, ongoing reforms are supporting digitalization, strengthening small businesses, and encouraging the formalization of Nigeria's large informal sector.

n

The minister disclosed that the administration aims to enhance and empower at least three million youths in Nigeria, creating opportunities for work within the digital economy and formalizing the informal sector.

n

More than 10,000 informal businesses have been applying for registration daily in recent months, attributed to ongoing fiscal and tax reforms, according to Minister Oyedele.

n

He highlighted opportunities in consumer credit, mortgages, student loans, auto financing, and small-business lending, saying Mastercard could play a significant role in expanding Nigeria's credit economy.

n

Minister Oyedele noted that five of Africa's nine fintech unicorns are Nigerian, underscoring the country's growing leadership in digital innovation.

n

In his remarks, Miebach assured President Tinubu of Mastercard's commitment to supporting Nigeria's economic reforms and digital transformation agenda.

n

Miebach recalled establishing Mastercard's operations in Nigeria in 2011, describing his return as "coming home," and noted that the company has seen the country grow and lead.

n

He stated that Mastercard currently supports critical sectors of the economy, helps preserve foreign exchange, strengthens SMEs, and partners with financial institutions across the country.

n

Miebach emphasized Mastercard's desire to unlock the power of the 40 million SMEs in Nigeria, connect the diaspora to the homeland, and ensure Nigeria remains the most thriving and largest economy on the continent.

n

Mastercard has developed a framework to empower 40 million small businesses in Nigeria with digital skills and capacity-building support, according to Miebach.

n

He disclosed that many small businesses want to have a digital part of their business but do not know how to do it, and Mastercard has planned a three-year program and a technical workshop to address this issue.

n

Miebach assured President Tinubu of Mastercard's investments in cybersecurity, resilience, artificial intelligence risk management, and digital trust through its Cyber Centre of Excellence.