MasterCard to Train Five Million Businesses as President Tinubu Assures Government’s Support

President Bola Ahmed Tinubu has pledged the Federal Government’s support for Mastercard’s initiative to train five million Nigerian businesses in digital skills, describing the programme as a major step towards empowering young people and integrating more small businesses into the digital economy.

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, Abuja.

According to a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, President Tinubu welcomed Mastercard’s proposal and said Nigeria’s youthful population remains the country’s greatest asset.
“The most important asset is our youth,” the President said.

He noted that Nigeria’s economy has been repositioned and stabilised to participate more effectively in the global economy, with a strong focus on equipping young people and small businesses with digital skills and tools.

President Tinubu said the ongoing formalisation of Nigeria’s largely informal business sector would create new opportunities for investment, job creation, digital transformation and economic 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,” the President said.

He also commended the company’s work in supporting young Nigerians and small 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,” Tinubu added.

The President stressed the importance of expanding payment systems and financial inclusion, particularly for Micro, Small and Medium Enterprises (MSMEs).
“Payment plans and platforms are very necessary for the inclusion of small and medium-scale businesses,” he said.

Earlier, Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, said the administration’s economic reforms have created significant opportunities in digital payments, credit systems and business formalisation.

According to him, more than 10,000 informal businesses have been applying for registration daily in recent months due to ongoing fiscal and tax reforms.
“This speaks to the opportunities that abound in Nigeria for organisations like MasterCard,” Oyedele said.

Speaking during the meeting, Mastercard’s Global CEO, Michael Miebach, reaffirmed the company’s confidence in Nigeria’s economy and its commitment to supporting the government’s reform agenda.
“We have a business here since 2011, and we have seen the country grow, and we have seen the country lead. We have seen your obviously clear alignment of fiscal and monetary policy that you have driven. In our world systems, there is a lot of momentum in Nigeria,” Miebach said.

He disclosed that Mastercard has developed a framework aimed at empowering millions of Nigerian small businesses through digital skills and capacity-building programmes.
“We want to drive the intra-African digital economy,” he said.
Miebach added that many small businesses desire a digital presence but lack the knowledge and tools to achieve it.
“Many small businesses would like to have a digital part of their business, and they don’t know how to do that. Capacity building of small businesses vis-a-vis just opening a shop and keeping them safe in a cyber-world,” he said.

The Mastercard CEO also revealed that the company has designed a three-year programme focused on practical impact for small businesses.
“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,” Miebach stated.
The initiative is expected to support Nigeria’s drive for digital inclusion, strengthen small businesses and create new opportunities for young entrepreneurs across the country.