Boost Africa aims for entrepreneurship, innovation and job creation across Africa – EU envoy

The European Union (EU) Ambassador to Nigeria and ECOWAS, Gautier Mignot, has supported the Boost Africa Investment Programme, designed to strengthen entrepreneurship and innovation and create more job opportunities across Africa.

Speaking on Wednesday at a press conference organized to assess the impact of the program since its launch in 2016, the envoy noted that the initiative is part of the EU’s long-term partnership with Nigeria and other African countries under the Global Gateway Strategy. Boost Africa is a joint initiative of the European Investment Bank (EIB) and the African Development Bank (AfDB), supported by the EU to facilitate access to capital for African entrepreneurs and businesses.

Mignot, who was accompanied by entrepreneurs and investors at the conference, said the Global Gateway approach brought together the EU’s “Team Europe”, its member states and development banks to support sustainable growth and mobilize private investment.

He said the program focuses on financial instruments that can create jobs, particularly for youth, while strengthening local value chains.

According to the correspondent, the EIB has been financing projects across Africa for many years, adding that the press conference was also aimed at highlighting the human impact of such investments.

“Today’s event is not just about investment data. It is about people, entrepreneurs, innovation, jobs and the opportunities created when African talent is matched with the right partners and the right funding,” he said.

“Mignot described young African entrepreneurs as one of the continent’s greatest assets, saying their ideas could transform economies, strengthen communities and create sustainable prosperity.

“Boost Africa is a key example of this model: the program brings together the EU, the EIB, the African Development Bank, Venture Capital (VC) partners and African entrepreneurs.

“The initiative has reached 100 companies, mobilized €400 million and supported 15,000 jobs across sub-Saharan Africa, with significant activity in Nigeria.

“The numbers matter less than the stories behind them, businesses that have expanded, jobs created, innovation that has grown and entrepreneurs able to realize their ambitions because the funding came at the right time.

“Nigeria has one of the most dynamic entrepreneurial ecosystems in Africa. Supporting innovation and enterprise is essential for sustainable economic growth and job creation in the country,” he said.

Speaking further, he said the EIB had recently launched several new operations in Nigeria aimed at supporting entrepreneurs in the coming years.

Mignot urged stakeholders to focus not only on what has been achieved so far, but also on ways to unlock more opportunities for the next generation of African entrepreneurs.

Furthermore, EIB Country Relations Manager for Nigeria, Moussa Nakoulima, said Africa has a growing pool of young and talented entrepreneurs developing solutions across all sectors.

He said the main challenge many of them face is access to capital, particularly in the early stages of their businesses when investment risks are highest.

“This is where Boost Africa comes in handy and why it was launched in 2016 as a key component to help create a strong financial ecosystem for entrepreneurs and businesses across Africa,” Nakoulima said.

He said the initiative is based on the idea that providing entrepreneurs with capital, skills, knowledge and a stronger investment ecosystem would help build competitive African businesses, create jobs and address development challenges.

Nakoulima explained that Boost Africa does not operate like a traditional commercial bank or financial institution that provides direct loans to businesses.

It said the program mainly relies on Venture Capital (VC) funds and other financial intermediaries to identify, evaluate and finance start-ups and micro, small and medium enterprises (MSMEs).