EU and EIB Invest in African entrepreneurs to create jobs
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The European Union (EU) and the European Investment Bank (EIB) are investing €108 million in African entrepreneurs through the Boost Africa initiative, with the goal of attracting an additional €400 million in funding and generating up to 15,000 jobs.
EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, announced the investment at a forum in Abuja, Nigeria, explaining it aligns with the EU’s Global Gateway strategy to foster sustainable growth and job creation in Africa.
The EU is collaborating with member states and development banks, operating as ‘Team Europe’, to build strong partnerships and support economic opportunities, especially for young people. Mignot emphasized the initiative prioritizes positive impacts on people’s lives through entrepreneurship and innovation, stating that the program focuses on matching African talent with appropriate funding and partners. EIB Country Relationship Manager for Nigeria, Moussa Nkoulima, explained Boost Africa doesn’t provide direct loans.
Instead, it invests in venture capital funds that then finance startups and small businesses, aiming to develop a sustainable venture capital market in Africa. The EIB has worked with six venture capital funds under the initiative, and for every euro invested through Boost Africa, it has attracted an additional three euros from other investors. Several companies benefited from Boost Africa’s support. TradeDepot, a Nigerian technology platform, now connects 40,000 retailers with suppliers.
Beacon Power Services expanded from one to twelve utility clients across seven African countries with the help of investment and technical assistance. Cathay AfricInvest Innovation Fund invested in 15 Series A technology companies across the continent, providing technical assistance to companies like Turaco, GoMyCode, and OZE.
