European Investment Bank invests €108m in Nigeria, other African countries through Boost Africa

The European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot, disclosed this on Wednesday at a media briefing in Abuja.

Mignot said the investment had helped attract nearly €400 million in additional funding and contributed to the creation of about 15,000 jobs across sub-Saharan Africa.

He explained that Boost Africa was established not only to provide funding to startups but also to strengthen the business environment required for young companies to grow and compete.

According to him, Africa’s young entrepreneurs represent a major economic asset, particularly because innovative businesses can create employment, strengthen local value chains and generate new economic opportunities.

“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,” Mignot said.

The EU ambassador said the expansion of African startups beyond their home countries could further strengthen the continent’s economic integration.

He cited a Nigerian company developing a successful solution in Lagos and expanding into Ghana, Kenya, Côte d’Ivoire and South Africa as an example of how businesses could evolve into genuinely pan-African enterprises.

Also speaking, the EIB Country Relationship Manager for Nigeria, Moussa Nkoulima, described Boost Africa as a combination of capital, technical assistance and ecosystem development.

Nkoulima said the initiative was launched in 2016 by the EIB and the African Development Bank, with support from the European Union and the Organisation of African, Caribbean and Pacific States (OACPS).

He said the programme was created to address the shortage of early-stage financing available to African entrepreneurs.

According to him, the EIB has worked with six venture capital funds through the initiative, with its €108 million investment helping to mobilise an additional €400 million from other investors.

The officials said continued investment in startups and innovative businesses would be important to expanding employment opportunities and strengthening Africa’s private sector.