Tinubu Backs Mastercard Plan to Digitally Empower Five Million Nigerian Businesses
President Bola Tinubu has expressed support for Mastercard’s proposal to provide digital skills training for five million Nigerian small businesses, describing the initiative as a major step toward strengthening entrepreneurship and economic growth.
Speaking during a meeting with Mastercard’s Global Chief Executive Officer, Michael Miebach, and his delegation at the Presidential Villa in Abuja, the President said Nigeria’s youthful population remains one of the country’s greatest strengths.
He noted that Nigerian youths are innovative, eager to acquire new skills and well-positioned to compete in the global digital economy. According to him, ongoing economic reforms are focused on creating opportunities for young people and small enterprises through technology-driven solutions.
Tinubu explained that efforts to formalise businesses operating in the informal sector are opening up new opportunities for investment, digital inclusion, job creation and sustainable economic development. He also encouraged stronger collaboration between Mastercard and key Nigerian institutions involved in supporting small and medium-sized enterprises.
The President praised Mastercard’s longstanding presence in Nigeria and reaffirmed the government’s commitment to supporting initiatives that promote financial inclusion, digital transformation and economic empowerment.
Also speaking at the meeting, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said recent economic reforms have expanded opportunities for businesses and investors, particularly in the digital payments and financial services sectors.
He revealed that thousands of informal businesses are now seeking formal registration daily, highlighting growing confidence in the government’s reform agenda and the potential for increased financial participation.
Mastercard’s CEO described Nigeria as a strategic market with enormous growth potential, noting that the company has maintained operations in the country for more than a decade and continues to witness strong momentum in the economy.
Miebach disclosed that Mastercard plans to focus heavily on Nigeria’s vast small business sector, which he described as a key driver of future economic growth. He said the company’s training programme is designed to help entrepreneurs build digital capabilities, improve online operations and strengthen cybersecurity awareness.
According to him, the initiative will run over a three-year period and will include practical workshops aimed at helping small businesses adopt digital tools and thrive in an increasingly technology-driven environment.
He also announced plans for a Cyber Centre of Excellence that will support cybersecurity, threat intelligence sharing, incident management and responses to emerging digital risks.
The Mastercard chief added that the company remains committed to supporting Nigeria’s digital economy, strengthening financial inclusion and helping businesses take advantage of opportunities across Africa and beyond.
