The single sharpest fact in one or two punchy sentences. President Bola Tinubu on June 23 assured foreign investors of Nigeria's tech-savvy youth workforce ready to compete and thrive in the global economy. He welcomed Mastercard's proposal to train five million businesses and equip them with digital skills.
Tinubu 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. The president 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.
Mastercard's proposal includes training five million businesses and equipping them with digital skills. This initiative is expected to boost Nigeria's economy, create jobs, and empower small businesses. The Mastercard CEO, Michael Miebach, assured Tinubu of the company's commitment to supporting Nigeria's economic reforms and digital transformation agenda.
Miebach said Mastercard has a three-year programme to empower small businesses in Nigeria with digital skills and capacity-building support. He disclosed that Mastercard had already developed a framework to empower 40 million small businesses in Nigeria with digital skills and capacity-building support. The framework includes technical workshops to equip small businesses with the necessary skills to compete in the digital economy.
Tinubu also highlighted the role of the Bank of Industry (BOI) in supporting Nigeria's economic reforms. The minister of finance, Taiwo Oyedele, said the administration's reforms had created new opportunities for integration, particularly in payment and credit systems. He attributed the development to ongoing fiscal and tax reforms.
Oyedele stated that Nigeria's informal businesses have been applying for registration at a rate of over 10,000 per day. He highlighted opportunities in consumer credit, mortgages, student loans, auto financing, and small-business lending. He said Mastercard could play a significant role in expanding Nigeria's credit economy.
Miebach said Mastercard wants to unlock the power of Nigeria's 40 million SMEs and connect the diaspora to the homeland. He assured Tinubu of Mastercard's investments in cybersecurity, resilience, artificial intelligence risk management, and digital trust through its Cyber Centre of Excellence.
President Tinubu welcomed Mastercard's proposal and assured the company of government support. He said the economy has been repositioned and stabilised to participate fully in the global economy. He noted that the ongoing efforts to formalise Nigeria's largely informal small-business sector would create more opportunities for investment, employment, digital transition, and economic growth.
Nigeria's youthful population remains its greatest asset, Tinubu said. He assured Mastercard of government support and cooperation in implementing the proposed initiative. Miebach said Mastercard has had a presence in Nigeria since 2011 and has seen the country grow and lead.
The Bank of Industry (BOI) has a database of Micro, Small and Medium Enterprises (MSMEs) that will support efforts to deepen financial inclusion and improve payment systems. The minister of finance, Taiwo Oyedele, said the administration's reforms have created new opportunities for integration, particularly in payment and credit systems. He attributed the development to ongoing fiscal and tax reforms.
Oyedele stated that Nigeria's informal businesses have been applying for registration at a rate of over 10,000 per day. He highlighted opportunities in consumer credit, mortgages, student loans, auto financing, and small-business lending. He said Mastercard could play a significant role in expanding Nigeria's credit economy.
Tinubu also highlighted the role of the Bank of Industry (BOI) in supporting Nigeria's economic reforms. The BOI database of MSMEs will support efforts to deepen financial inclusion and improve payment systems.
The President's speech was met with excitement from the Mastercard delegation, who are already working on implementing the proposed initiative. President Tinubu's assurance of government support has rekindled hope for investors and entrepreneurs in Nigeria. With a tech-savvy youth workforce and government support, Nigeria is poised to become a hub for digital innovation and economic growth.