Tinubu urges investors to harness Nigeria’s tech-savvy youth workforce

President Bola Tinubu on Tuesday said Nigeria’s youthful population remains its greatest asset, assuring foreign investors of a tech-savvy workforce ready to compete and thrive in the global economy.

Tinubu gave the assurance while receiving a delegation from Mastercard, led by its Global Chief Executive Officer, Michael Miebach, at the State House, Abuja.

This is contained in a statement issued by Presidential Spokesperson, Mr Bayo Onanuga, on Tuesday in Abuja.

The president 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.

He said the economy had been repositioned and stabilised to participate fully in the global economy, with emphasis on empowering youths and small businesses through digital tools and skills.

Tinubu noted that ongoing efforts to formalise Nigeria’s largely informal small-business sector would create more opportunities for investment, employment, digital transition and economic growth.

“I am glad that you are very familiar with the terrain. I can classify you as a Nigerian.

“Mastercard has a very big reputation in financial management, and opportunities are spreading in Nigeria,” he said.

The president said more small businesses were embracing technology and formal registration, adding that the government would continue to support initiatives aimed at empowering Nigerian youths.

“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.

“As the host country, the agreements we have with you are valid, and I want you to see us as partners,” he said.

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

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

According to him, ongoing reforms are supporting digitalisation, strengthening small businesses and encouraging the formalisation of Nigeria’s large informal sector.

“We aim to enhance and empower at least three million youths in Nigeria.

“We are creating opportunities for work within the digital economy and formalising the very large informal sector that we have in Nigeria,” he said.

The minister disclosed that more than 10,000 informal businesses had been applying for registration daily in recent months, attributing the development to ongoing fiscal and tax reforms.

He also 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.

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

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

“We have had a business here since 2011, and we have seen the country grow and lead.

“We have seen your clear alignment of fiscal and monetary policy, and there is a lot of momentum in Nigeria,” he said.

Miebach recalled establishing Mastercard’s operations in Nigeria in 2011, describing his return as “coming home.”

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

“We recognise the moment that we are in.

“We want 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,” he said.

Miebach disclosed that Mastercard had already developed a framework to empower 40 million small businesses in Nigeria with digital skills and capacity-building support.

“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.

He also assured the president of Mastercard’s investments in cybersecurity, resilience, artificial intelligence risk management and digital trust through its Cyber Centre of Excellence.

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