President Bola Tinubu has told foreign investors that Nigeria's young population is eager to learn and use technology. He believes they can compete on a global level.
He spoke on Tuesday when he met a team from Mastercard, led by CEO Michael Miebach, at the State House in Abuja.
President Tinubu welcomed Mastercard's plan to help millions of Nigerian businesses with digital skills and tools. He said Nigeria's economic changes are opening doors for growth and investment.
He mentioned that efforts to formalise businesses in the informal sector will speed up digital adoption. This will improve access to opportunities and boost economic growth.
"The most important asset is our youth. What you have been doing with our young population is commendable, and we will continue to support that in every form," the president said.
He noted that more small businesses are using technology and registering their operations. He called this a key development for economic growth.
"Payment plans and platforms are very necessary for the inclusion of small and medium-scale businesses," he added.
The Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, said ongoing reforms are creating chances in the digital economy, especially for young people and small businesses.
He said government efforts to digitise services and boost financial inclusion are helping more businesses join the formal economy. "We aim to enhance and empower at least three million youths in Nigeria," Mr Oyedele said.
"We are creating opportunities for work within the digital economy and the formalisation of the very large informal sector that we have in Nigeria." He also said recent tax reforms have encouraged more informal businesses 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 explained.
During the meeting, Mr Miebach said Mastercard is dedicated to supporting Nigeria's economic change and digital growth. He pointed out that the company has been in Nigeria since 2011 and has seen major changes in the country's financial and business scenes.
"We have a business here since 2011, and we have seen the country grow, and we have seen the country lead," he said. "In our world systems, there is a lot of momentum in Nigeria."
Mr Miebach mentioned that Mastercard is helping small businesses grow through digital tools, financial inclusion, and skill-building.
"We recognise the moment that we are in," he said. "We want to drive the intra-African digital economy." He noted that the company has programmes to help small businesses develop digital skills and operate safely in a tech-driven world.
"Many small businesses would like to have a digital part of their business, and they don’t know how to do that. We have a three-year programme for small businesses. A technical workshop has been planned for this, so it is not just talk but action and impact," he said.
Mr Miebach added that Mastercard will keep investing in digital security, inclusion, and resilience. This includes efforts focused on cyber security and new technology risks.
This meeting comes as the Federal Government aims to increase digital participation, strengthen small businesses, and make Nigeria a leader in Africa's digital economy.
Drop your comment
No comments yet — be the first to drop the gist 👇