Tinubu Backs Digital Push For SMEs, Tells Mastercard Nigeria’s Youth Are Ready For Global Tech Economy

President Bola Tinubu has reaffirmed his administration’s commitment to expanding Nigeria’s digital economy, assuring global investors that the country’s youthful population is prepared to acquire new skills, embrace technology and compete effectively in the global marketplace.

The president gave the assurance on Tuesday while receiving a delegation from Mastercard led by its Global Chief Executive Officer, Michael Miebach, at the Presidential Villa in Abuja.

During the meeting, Tinubu welcomed Mastercard’s proposal to support millions of Nigerian small and medium-sized enterprises (SMEs) with digital tools, skills development programmes and financial inclusion initiatives aimed at accelerating business growth.

He said Nigeria’s ongoing economic and fiscal reforms are creating new opportunities for investment, innovation and entrepreneurship, particularly among young people.

“The most important asset is our youth,” Tinubu said.

“What you have been doing with our young population is commendable and we will continue to support that in every form.”

The president noted that efforts to formalise businesses operating within Nigeria’s vast informal sector are already yielding positive results, helping more entrepreneurs gain access to financing, technology and broader market opportunities.

According to him, digital payment systems and technology-driven platforms have become essential tools for economic inclusion and sustainable growth.

“Payment plans and platforms are very necessary for the inclusion of small and medium-scale businesses,” he added.

Also speaking during the meeting, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the government’s reform agenda is opening up new opportunities for young Nigerians and small business owners.

He explained that ongoing efforts to digitise government services, improve tax administration and expand financial inclusion are helping to bring more businesses into the formal economy.

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

The minister revealed that recent fiscal and tax reforms have led to a surge in business registrations across the country.

“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 Global CEO, Michael Miebach, said the company remains optimistic about Nigeria’s economic prospects and is committed to supporting the country’s digital transformation journey.

Miebach noted that Mastercard has operated in Nigeria since 2011 and has witnessed significant growth and innovation within the country’s financial services sector.

“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.”

According to him, Mastercard intends to deepen its support for SMEs by providing digital capabilities, financial inclusion solutions and business development programmes designed to help entrepreneurs compete in an increasingly technology-driven economy.

“We recognise the moment that we are in,” Miebach said.

“We want to drive the intra-African digital economy.”

He disclosed that Mastercard has developed a structured three-year programme aimed at helping small businesses build digital capacity and improve operational efficiency.

“Many small businesses would like to have a digital part of their business and they don’t know how to do that,” he said.

“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.”

Beyond business development, Miebach said Mastercard would continue investing in cybersecurity, digital resilience and technology solutions designed to protect businesses and consumers from emerging digital threats.

The discussions come as the Federal Government intensifies efforts to position Nigeria as one of Africa’s leading digital economies by expanding technology adoption, strengthening financial inclusion and supporting the growth of small businesses.

Officials believe that combining digital innovation with ongoing economic reforms could significantly boost productivity, attract investment and create new opportunities for millions of Nigerians.