EU Boost Africa initiative channels €108m into African enterprises

The European Union (EU) has reaffirmed its commitment to supporting sustainable growth and private-sector development in Africa through the Global Gateway strategy and the Boost Africa initiative. During a media briefing in Abuja, EU Ambassador to Nigeria and ECOWAS Gautier Mignot highlighted that the EU’s development partnerships focus on creating opportunities for entrepreneurs and translating investment into measurable economic impact.

The Boost Africa initiative, a joint venture launched in 2016 by the European Investment Bank (EIB) and the African Development Bank, has channeled €108 million into innovative early-stage enterprises across Sub-Saharan Africa over the last decade. This funding has helped attract nearly €400 million in additional private investment and contributed to the creation of approximately 15,000 jobs.

To address the deficit in early-stage venture funding, the programme utilizes a three-pronged approach: direct capital investment, technical assistance, and structured ecosystem development. By partnering with venture capital funds to de-risk investments, the initiative aims to help high-potential African startups scale from local ventures into competitive regional and global entities.