President Bola Ahmed Tinubu has assured Mastercard’s Global Chief Executive Officer, Michael Miebach, that Nigeria’s young population remains the country’s biggest asset and is ready to compete in the global digital economy.
The President spoke on Tuesday at the State House when he received a Mastercard delegation led by Miebach, who proposed training five million Nigerian businesses with digital skills.
Tinubu said the Nigerian economy has been “repositioned and stabilised” to fully participate in global trade, with a strong focus on empowering youths and small businesses through digital tools.
“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,” the President told Miebach.
He noted that more small businesses are gradually formalising and embracing technology, a development he said would deepen digital transitions, attract investment, and create jobs.
Tinubu also asked whether the Mastercard team had engaged the Bank of Industry (BOI), pointing out that the bank holds a database of Micro, Small, and Medium Enterprises (MSMEs) that could support the partnership. “Payment plans and platforms are very necessary for the inclusion of small and medium-scale businesses,” he said, pledging continued government support for youth empowerment programmes.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said government reforms have opened room for Nigeria to integrate further into global credit and payment systems, noting that the Mastercard Foundation’s work with small businesses aligns with the administration’s digitisation drive.
He disclosed that over 10,000 informal businesses have been applying for registration daily over the past few months, a trend he linked to recent fiscal and tax reforms. Oyedele added that the reforms also cover the credit economy — mortgages, personal loans, auto loans, and student loans — and pointed out that five of Nigeria’s nine fintech unicorns are based in the country, calling it evidence of the opportunities available to firms like Mastercard.
In his remarks, Miebach said Mastercard has operated in Nigeria since 2011 and has watched the country grow steadily, describing his visit as “coming home” since he personally set up the company’s Nigerian operations and hired its first staff.
He said Mastercard currently helps prevent $200 million in fraud annually in Nigeria while facilitating $2 billion in foreign exchange flows. He added that the company recently met with the Central Bank of Nigeria Governor and leading bankers in Lagos to explore ways of unlocking the potential of Nigeria’s 40 million SMEs and strengthening ties with the diaspora.
Miebach confirmed that Mastercard has developed a three-year framework to train 40 million small businesses in digital skills and cybersecurity, alongside plans for a Cyber Centre of Excellence to track threat intelligence, AI risks, and other emerging digital threats.
This engagement signals growing confidence from a major global payments company in Nigeria’s economic direction, at a time when the country is trying to shift millions of informal businesses into the formal, digital economy.
For ordinary Nigerians, especially young people and small business owners, the partnership could translate into wider access to digital tools, training, and safer ways to receive payments — areas where many informal traders currently struggle. It also reinforces government’s argument that recent tax and fiscal reforms are beginning to yield results, evidenced by the rising number of businesses voluntarily registering.
Beyond the warm exchanges, the real test lies in implementation. Nigeria has seen similar high-profile partnerships and pledges in the past that struggled to translate into measurable impact on the ground, particularly for small businesses in semi-urban and rural areas with limited internet access or digital literacy.