EU, EIB Invest €108m to Drive African Entrepreneurship, Create 15,000 Jobs
Michael Olugbode in Abuja The European Union (EU) and the European Investment Bank (EIB) have invested €108 million through the Boost Africa initiative to support entrepreneurs across Africa, leveraging the
The European Union (EU) and the European Investment Bank (EIB) have jointly invested €108 million in the Boost Africa initiative, aimed at supporting entrepreneurs across Africa and creating up to 15,000 jobs. EU Ambassador to Nigeria, Gautier Mignot, announced this investment during a media briefing in Abuja, highlighting the EU's commitment to Africa's future under the Global Gateway strategy.
Mignot emphasized that Boost Africa is about more than just financial support, as its ultimate goal is to improve the lives of people through entrepreneurship, innovation, and job creation.
The initiative, launched in 2016 by the EIB, the African Development Bank (AfDB), and the EU, addresses a financing gap faced by young and talented entrepreneurs in sectors such as financial services, healthcare, digital economy, and renewable energy. Boost Africa invests through venture capital funds and financial intermediaries to identify and finance startups and micro, small, and medium enterprises in their early stages of development.
Mignot stressed that Nigeria is one of Africa's most dynamic entrepreneurial ecosystems, and supporting innovation and enterprise is crucial for sustainable economic growth and job creation. He urged stakeholders to focus on expanding opportunities for the next generation of African entrepreneurs, beyond the achievements recorded under Boost Africa.
The EIB Country Relationship Manager for Nigeria, Moussa Nkoulima, explained that Boost Africa operates through a combination of capital and capacity, supported by three major pillars: investment capital, technical assistance, and ecosystem development.
Nkoulima highlighted that the initiative has attracted an additional €400 million from other investors, with each euro invested in Boost Africa attracting three additional euros from other sources. He provided an example of a Nigerian company, TradeDepot, which benefited from the programme by connecting up to 40,000 retailers in Nigeria with their suppliers. Nkoulima emphasized that the broader objective of Boost Africa is to help African businesses scale beyond their countries of origin and become Pan-African companies.
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