The European Investment Bank (EIB) Boost Africa initiative has channeled €108m into innovative early-stage enterprises across Sub-Saharan Africa over the past decade. The programme has attracted nearly €400m in additional private investment and created approximately 15,000 jobs.
European Union Ambassador to Nigeria and ECOWAS Gautier Mignot revealed the figures on Wednesday during a media briefing in Abuja. He emphasised that the programme extends beyond capital injection to build the foundational infrastructure necessary for emerging startups to scale sustainably.
“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. He cited the continent’s vibrant youth population as a primary driver for strengthening local value chains and fostering broader economic stability.
Launched in 2016 as a joint venture between the EIB and the African Development Bank, Boost Africa addresses the severe deficit of early-stage venture funding across the region. The initiative operates with core financial backing from the EU and the Organisation of African, Caribbean and Pacific States.
EIB Country Relationship Manager for Nigeria Moussa Nkoulima explained that the programme delivers a three-pronged approach combining direct capital investment, technical assistance, and structured ecosystem development. To date, the EIB has partnered with six key venture capital funds, using its initial funding to de-risk investments and catalyse substantial private financing.
By bridging early-stage funding gaps, the initiative aims to ensure high-potential African startups can transition from local ventures into competitive regional and global entities.
