President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to digital transformation and economic inclusion as Tinubu welcomed Mastercard’s proposal to equip millions of Nigerian businesses with digital skills, financial tools, and technology-driven opportunities aimed at accelerating economic growth.
Key Highlights
- Tinubu welcomes Mastercard’s plan to support Nigerian businesses with digital tools.
- President says economic reforms are creating new investment opportunities.
- Government intensifies efforts to formalise businesses in the informal sector.
- Mastercard plans digital capacity-building programme for small businesses.
- Three million Nigerian youths targeted for empowerment initiatives.
- Finance Ministry says over 10,000 informal businesses are registering daily.
- Mastercard pledges continued investment in digital security and financial inclusion.
President Tinubu gave the assurance on Tuesday while receiving a delegation from Mastercard, led by its Global Chief Executive Officer, Michael Miebach, at the State House in Abuja.
During the meeting, Tinubu welcomed Mastercard’s proposal to strengthen digital adoption among small and medium-sized enterprises (SMEs), describing the initiative as a major boost to Nigeria’s ongoing economic reforms and digital economy agenda.
According to the President, efforts by the Federal Government to formalise businesses operating within the informal sector will improve access to economic opportunities, deepen financial inclusion, and stimulate sustainable 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,” Tinubu said.
The President noted that more entrepreneurs and small businesses are embracing technology and registering their operations, a trend he described as essential for economic expansion and job creation.
He stressed the importance of accessible payment platforms and digital financial solutions in promoting the inclusion of SMEs within the formal economy.
“Payment plans and platforms are very necessary for the inclusion of small and medium-scale businesses,” he added.
Speaking during the meeting, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said recent reforms by the Tinubu administration are unlocking opportunities in the digital economy, particularly for young Nigerians and small business owners.
According to him, ongoing efforts to digitise government services and expand financial inclusion are helping bring more businesses into the formal economic system.
“We aim to enhance and empower at least three million youths in Nigeria,” Oyedele stated.
“We are creating opportunities for work within the digital economy and the formalisation of the very large informal sector that we have in Nigeria.”
The minister further disclosed that fiscal and tax reforms introduced by the administration have encouraged a significant increase in business 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,” he said.
In his remarks, Mastercard’s Global CEO, Michael Miebach, reiterated the company’s commitment to supporting Nigeria’s economic transformation and digital growth.
He noted that Mastercard has maintained operations in Nigeria since 2011 and has witnessed significant progress in the country’s financial services and business sectors.
“We have a business here since 2011, and we have seen the country grow, and we have seen the country lead,” Miebach said.
“In our world systems, there is a lot of momentum in Nigeria.”
Miebach explained that Mastercard’s initiatives are focused on helping small businesses expand through digital solutions, financial inclusion programmes, and capacity-building efforts.
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“We recognise the moment that we are in. We want to drive the intra-African digital economy,” he stated.
According to him, Mastercard has developed a three-year programme designed to help small businesses build digital capabilities and adapt to the demands of a rapidly evolving technology-driven marketplace.
“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.
Miebach also disclosed that Mastercard would continue investing in cyber security, digital resilience, and emerging technology solutions aimed at protecting businesses and consumers in an increasingly digital economy.
The meeting underscores growing collaboration between the Federal Government and global technology firms as Nigeria seeks to strengthen digital inclusion, expand financial access, and position itself as a leading player in Africa’s digital economy.
