A €108 million injection from the European Union and European Investment Bank aims to unlock 15,000 new jobs across Africa while catalyzing an additional €400 million in private capital. The funding flows through the Boost Africa initiative, signaling a major bet on the continent’s young entrepreneurs.
The announcement came Wednesday in Abuja during a media briefing ahead of the Boost Africa Impact Forum, themed “Investing in Africa’s Next Generation of Entrepreneurs: From Investment to Impact.”
EU Ambassador to Nigeria and ECOWAS Gautier Mignot framed the investment as central to the Global Gateway strategy. That strategy targets sustainable growth, private capital mobilization, job creation, and stronger local enterprises.
Mignot stressed that African youth represent a formidable asset. Their ventures, he argued, could reshape economies and generate durable prosperity. Nigeria occupies a crucial position in this effort thanks to its bustling startup landscape.
“What matters most is the impact on people,” Mignot told reporters. He added that the story extends beyond investment figures to cover entrepreneurs, innovation, and the opportunities that emerge when African talent meets appropriate financing and partnerships.
The EIB’s Country Relationship Manager for Nigeria, Moussa Nkoulima, explained that Boost Africa launched in 2016 specifically to close the early-stage funding gap facing African founders. The European Investment Bank partnered with the African Development Bank, the EU, and OACPS to deliver capital, technical expertise, and ecosystem support.
Six venture capital funds have partnered with the program so far. That €108 million commitment has already leveraged another €400 million from outside investors.
Nkoulima pointed to Nigeria’s TradeDepot as a success story. The technology platform now links roughly 40,000 retailers with suppliers. Ultimately, the goal involves helping businesses scale across borders and evolve into Pan-African players.
Meanwhile, Lavanya Anand, Investment Director at Cathay AfricInvest Innovation Fund, reported investments in 15 African tech companies spanning healthcare, finance, logistics, and e-commerce. Those portfolio companies have created thousands of direct and indirect jobs while extending improved services to millions.
Beacon Power Services provides another example. Chief Strategy Officer Christine Adejorooluwa said Boost Africa funding helped the energy technology firm expand from one utility to 12 across seven countries. The support package included governance guidance, business development help, and access to strategic networks. As a result, utilities reduced power losses and improved revenue collection.
The forum now shifts focus from capital deployment to measurable outcomes, with the EU and its partners betting that early-stage money can convert into broad economic transformation.
