adsThe 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.
