President Bola Tinubu has backed a Mastercard digital skills plan that could train five million Nigerian businesses and help small firms take part in the growing digital economy.
The proposal was discussed when Tinubu received a Mastercard delegation led by the company’s global chief executive officer, Michael Miebach, at the State House in Abuja.
The plan is aimed at improving digital skills among Nigerian businesses, especially small and medium-sized enterprises. It is also expected to support financial inclusion, online payments, cybersecurity awareness and business growth.
Tinubu said Nigeria’s young population remains one of the country’s strongest assets. He said young Nigerians are ready to learn, use technology and compete in the global economy.
The president said his government would support efforts that give businesses the tools they need to grow in a more digital world.
“The most important asset is our youth,” Tinubu said.
He also praised Mastercard’s work with young people and small businesses, saying the government would continue to support such programmes.
The president said Nigeria should be seen as a partner in the project, adding that the country had strong potential for digital investment and wider financial access.
Why the Mastercard digital skills plan matters
Many small businesses in Nigeria still operate outside the formal economy. This means they may not be registered, may not use digital payment systems, and may find it harder to access credit, customers and government support.
The government says ongoing reforms are helping more small businesses register formally and embrace technology. Officials believe this could create jobs, improve tax collection, increase access to finance and help businesses reach more customers.
Tinubu urged Mastercard to work with the Bank of Industry, saying the development finance institution has a database of micro, small and medium enterprises.
He said payment platforms are important if small and medium-sized businesses are to be included in the wider economy.
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The president also linked the proposal to his administration’s broader economic reforms, which include business formalisation, digital services and efforts to open more opportunities for young people.
Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, said the government’s reforms were creating opportunities in payment systems, credit markets and the digital economy.
He said more informal businesses had been applying for official registration in recent months, showing that more business owners were beginning to move into the formal sector.
Oyedele also said reforms in consumer credit, mortgages, auto loans, student loans and small-business financing could create more room for innovation in Nigeria’s payment systems.
According to him, Nigeria already has a strong fintech sector, with several of Africa’s leading fintech companies based in the country.
Miebach said Mastercard remained committed to Nigeria and was encouraged by the direction of the country’s economy.
He said the company had been operating in Nigeria since 2011 and had seen the country grow as a major market.
The Mastercard chief executive said the company was working on a wider framework to support small businesses with digital tools. He also spoke about a three-year programme focused on capacity building, cybersecurity and digital business development.
He said the plan was “not just talk but action and impact”.
The proposal could help business owners who want to sell online, accept digital payments, manage records better and protect themselves from online fraud.
For many small firms, digital skills can make the difference between staying local and reaching new customers across Nigeria and beyond.
The key point is that the Mastercard plan is still being discussed as part of a wider partnership with the Nigerian government. Business owners should watch for official details on how the training will be rolled out, who can apply and when registration will begin.
