President Bola Ahmed Tinubu, on Tuesday in Abuja, said Nigeria’s teeming youth population remains the nation’s greatest asset, assuring foreign investors that the ready-to-learn and tech-savvy workforce can easily integrate into the global market. President Tinubu, who received a delegation from Mastercard led by the Global Chief Executive Officer, Michael Miebach, at the State House, welcomed the company’s proposal to train five million businesses and equip them with digital skills, according to a statement from the Special Adviser to the President (Information & Strategy), Bayo Onanuga, on Tuesday.
The President said the Nigerian economy had been repositioned and stabilised to fully participate in the global economy, with a focus on empowering youths and small businesses with digital skills and tools. He noted that the ongoing formalisation of Nigeria’s largely informal small-business sector will create more opportunities for digital transitions, investments, employment, and growth.
“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,’’ he added. President Tinubu noted that the business orientation is gradually changing, with more small businesses registering and embracing technology.
The President assured that more Nigerian youths will be empowered with digital skills to tackle present and future challenges. “The most important asset is our youth. I missed one thing in your remark: whether you met with the Bank of Industry (BOI). BOI has a database of Micro, Small, and Medium Enterprises.
“Payment plans and platforms are very necessary for the inclusion of small and medium-scale businesses. “What you have been doing with our young population is commendable, and we will continue to support that in every form. As the host country, the agreements we have with you are valid, and I want you to see us as partners,’ he added.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the economic reforms have provided opportunities for integration, particularly in credit and payment systems. “You do more than payments, and that includes the work which you are doing in Nigeria through the MasterCard foundation to support and strengthen small businesses and the informal sector.
“This aligns well with the reforms of Mr President in different areas, cutting across the public and private sectors, including the ongoing efforts to digitise government services. We aim to enhance and empower at least 3 million youths in Nigeria. “We are creating opportunities for work within the digital economy, the formalisation of the very large informal sector that we have in Nigeria.
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. “This speaks to the opportunities that abound in Nigeria for organisations like MasterCard,’’ he noted.