EU and EIB Invest €108M to Boost African Entrepreneurship

The European Union (EU) and the European Investment Bank (EIB) have announced an investment of €108 million through the Boost Africa initiative to support entrepreneurship across Africa. This funding is expected to attract an additional €400 million and create up to 15,000 jobs.

EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, made this announcement on Wednesday in Abuja during a media briefing for the Boost Africa Impact Forum, themed ‘Investing in Africa’s Next Generation of Entrepreneurs: From Investment to Impact.’ Mignot emphasized that the initiative is part of the EU’s Global Gateway strategy, aimed at promoting sustainable growth and creating jobs, particularly for young people. He highlighted the importance of collaboration among the EU, EIB, African Development Bank, venture capital partners, and African entrepreneurs.

EIB Country Relationship Manager for Nigeria, Moussa Nkoulima, noted that Boost Africa is an investment not just in entrepreneurs but in the entire ecosystem surrounding them, addressing the financing gap faced by many young entrepreneurs in Africa.