Yemi Osinbajo, the Vice President of Nigeria, met with the Mastercard’s chief executive Ajay Banga during a private meeting in which the two discussed the importance of developing a digital framework for Nigeria to support the country’s ongoing transformation, ensuring the development of a more inclusive economy.
Vice President Osinbajo recognized the critical role of technology in driving Nigeria’s development, to help enable the country to benefit from the expansion of consumer and business spend as cities become hubs for commerce.
Mr Banga spoke to the company’s investment into the sector with the launch of Masterpass QR, which is geared to help local businesses overcome barriers to growth.
He further highlighted the role that technology and innovation is playing in driving new opportunities to enable diversified economic growth, a point that resonates with the government’s development goals. With half of the population residing in cities and generating more than 60 percent of the country’s GDP, it will be vital to find efficient ways to serve the growing demand on services and infrastructure. Current estimates predicate that by 2035 close to 30 million people are likely to live in Lagos, turning it into the largest megacity on the continent.