President Bola Ahmed Tinubu has declared that Nigeria’s massive, tech-savvy youth population is the country’s ultimate economic asset, assuring international investors that the nation’s workforce is primed to blend seamlessly into the global market.
Speaking at the State House in Abuja on Tuesday, President Tinubu welcomed a high-level delegation from Mastercard, led by its Global Chief Executive Officer, Michael Miebach. During the strategic meeting, the President endorsed Mastercard’s ambitious proposal to equip five million Nigerian small businesses with critical digital skills, noting that the country’s economy has been successfully stabilized to compete on the world stage.
Empowering the Next Generation of Tech Leaders
The administration’s primary economic focus remains centered on arming young Nigerians and small enterprises with advanced digital tools. President Tinubu emphasized that the ongoing formalization of the nation’s massive informal sector will unlock unprecedented pathways for digital transitions, foreign direct investments, and job creation.
“The most important asset is our youth,” President Tinubu stated during the presentation. “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 also pointed out that local business mindsets are rapidly evolving, with thousands of micro-enterprises actively embracing technology to scale their operations. To ensure structured growth, he urged Mastercard to collaborate closely with the Bank of Industry (BOI), which maintains the country’s most comprehensive database of Micro, Small, and Medium Enterprises (MSMEs).
Driving Growth Through Economic Formalization
The federal government’s aggressive fiscal policies are already yielding massive participation from previously undocumented traders. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, revealed that the administration’s tax and fiscal overhauls have triggered an unprecedented wave of entrepreneurship registration.
“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,” Oyedele noted. “This speaks to the opportunities that abound in Nigeria for organizations like Mastercard.”
Oyedele further explained that the government’s economic blueprint is heavily integrated with the expansion of consumer credit, consumer loans, mortgages, and student loans. With Nigeria housing five of Africa’s nine fintech unicorns, the Minister highlighted immense opportunities for Mastercard to revolutionize payment systems across the continent, specifically championing direct Naira swaps to bypass unnecessary third-party currencies.
Mastercard Commits to Global Reforms
In response, Mastercard Global CEO Michael Miebach praised the clear alignment between Nigeria’s fiscal and monetary policies under the current administration. He reaffirmed the financial giant’s long-term commitment to driving financial inclusion and infrastructural support across the country.
“We have a business here since 2011, and we have seen the country grow, and we have seen the country lead,” Miebach assured the President. “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.”
Share this
