Abuja: The Boost Africa Investment Programme is designed to strengthen entrepreneurship and innovation and create more job opportunities across Africa. The European Union (EU) Ambassador to Nigeria and ECOWAS, Mr. Gautier Mignot, highlighted the initiative’s goals during a news conference held to assess its impact since its launch in 2016.
According to News Agency of Nigeria, Boost Africa is a joint initiative of the European Investment Bank (EIB) and the African Development Bank (AfDB), supported by the EU to facilitate access to capital for African entrepreneurs and businesses. Mignot emphasized that the programme is part of the EU’s long-term partnership with Nigeria and other African countries under its Global Gateway strategy. This approach combines efforts from ‘Team Europe,’ comprising the EU, its member states, and development banks, to support sustainable growth and mobilize private investment.
Mignot highlighted that the programme focuses on financial instruments capable of creating jobs, particularly for young people, while strengthening local value chains. The EIB has financed projects across Africa for many years, and the news conference aimed to highlight the human impact of such investments. Mignot noted that the event was “about people, entrepreneurs, innovation, jobs and the opportunities created when Africa’s talent is matched with the right partners and the right financing.”
He further described Africa’s young entrepreneurs as one of the continent’s greatest assets, with the potential to transform economies, strengthen communities, and create sustainable prosperity. Boost Africa exemplifies this model by bringing together the EU, the EIB, the African Development Bank, Venture Capital partners, and African entrepreneurs.
Since its inception, the programme has reached 100 companies, mobilized 400 million euros, and supported 15,000 jobs across Sub-Saharan Africa, with significant activity in Nigeria. Mignot emphasized that the numbers matter less than the stories behind them, focusing on businesses that have expanded, jobs created, and innovation that has grown due to timely financing. With Nigeria’s dynamic entrepreneurial ecosystem, supporting innovation and enterprise is crucial for sustainable economic growth and job creation in the country.
The EIB has recently launched several new operations in Nigeria aimed at supporting entrepreneurs in the coming years. Mignot urged stakeholders to focus on unlocking greater opportunities for the next generation of African entrepreneurs.
Mr. Moussa Nakoulima, EIB Country Relationship Manager for Nigeria, also addressed the conference, noting Africa’s growing pool of young and talented entrepreneurs developing solutions across sectors. He identified access to capital as a major challenge for many entrepreneurs, especially in the early stages of their businesses when investment risks are highest. Nakoulima explained that Boost Africa addresses this challenge by creating a strong financial ecosystem for entrepreneurs and businesses across Africa.
Nakoulima elaborated that the initiative provides entrepreneurs with capital, expertise, knowledge, and a stronger investment ecosystem, helping build competitive African businesses, create jobs, and address development challenges. Unlike traditional commercial banks, Boost Africa relies on Venture Capital funds and other financial intermediaries to identify, assess, and finance startups and Micro, Small, and Medium Enterprises (MSMEs).
The conference also featured inputs from investors like Cathay AfricInvest Innovation Fund (CAIF) and beneficiaries such as Beacon Power Services (BPS), highlighting the collaborative nature of the initiative.