President Bola Tinubu has assured Mastercard executives that Nigeria’s young population is poised to adopt digital technologies and compete globally, as his administration presses reforms intended to draw investment and formalize the informal economy.
The President stated this while receiving a delegation led by Mastercard Chief Executive Officer Michael Miebach at the Presidential Villa, Abuja Tuesday.
NewsQuest reports that the meeting is indicative of the government’s effort to link fiscal and regulatory reforms with private-sector initiatives to expand digital payments, financial inclusion and small-business capacity.
“Our most important asset is our youth,” Tinubu said, in a statement by his Special Adviser on Information and Strategy Bayo Onanuga.
The President praised Mastercard’s work training young Nigerians and pledging continued government support.
He said growing numbers of small enterprises are embracing technology and registering formally—changes he described as critical to economic expansion.
“Payment plans and platforms are very necessary for the inclusion of small and medium-scale businesses,” he added.
Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele, described the engagement as part of a broader push to digitize services and bring more businesses into the formal economy.
Oyedele said the government aims to empower some three million youths with digital skills and credited recent tax and fiscal measures with encouraging informal firms to register.
“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,” he said.
Mastercard’s Miebach said the payments firm, which has operated in Nigeria since 2011, is committed to supporting the country’s digital transition.
He highlighted programmes aimed at equipping small businesses with digital tools and training, and described Nigeria as a market with “a lot of momentum.”
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“We want to drive the intra-African digital economy,” Miebach said, adding that Mastercard sees opportunities to expand financial inclusion and digital capabilities for micro, small and medium enterprises.
Our correspondent gathered that the meeting also signals a convergence of private-sector capacity-building and government reforms as Nigeria seeks to increase formalization, broaden access to digital payments and attract foreign investment.
