Nigeria, other African countries get €108m investment from EIB over 10 years

Over the past decade, the European Investment Bank's (EIB) Boost Africa initiative has invested €108 million in Nigeria and other African countries, according to a recent media briefing in Abuja. European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot, announced that the investment has also spurred nearly €400 million in additional funding and contributed to the creation of around 15,000 jobs across sub-Saharan Africa.

Mignot emphasized that the program aims to bolster the business ecosystem, supporting startups and growing companies in their quest to thrive, expand, and compete.

Mignot highlighted Africa's young entrepreneurs as a vital asset, asserting that innovative businesses can drive job creation, strengthen local value chains, and generate sustainable economic opportunities. He stated, "Nigeria is one of Africa’s most dynamic entrepreneurial ecosystems, and we believe that supporting innovation and enterprise is essential for sustainable economic growth and job creation."

The initiative, launched in 2016 by the EIB and the African Development Bank, is supported by the EU and the Organisation of African, Caribbean and Pacific States (OACPS). According to Moussa Nkoulima, the EIB Country Relationship Manager for Nigeria, Boost Africa combines capital, technical assistance, and ecosystem development. The initiative was established to address the scarcity of early-stage funding for African entrepreneurs.

Nkoulima explained that the EIB has partnered with six venture capital funds under Boost Africa, and the €108 million investment has facilitated the attraction of an additional €400 million from other investors.