The European Investment Bank (EIB) has showcased the impact of over €100 million in investment commitments under its Boost Africa initiative, while officially unveiling a new successor program—Boost Ventures—backed by a massive €129 million European Commission guarantee.
The announcement was made during the Nigeria–EU Global Gateway Investment Partnership Lab, held on the sidelines of the 32nd Nigerian Economic Summit in Abuja.
The event brought together top government officials, European development institutions, venture capitalists, and private-sector leaders to explore ways of mobilizing private capital to accelerate Nigeria’s economic growth.
Launched jointly by the EIB and the African Development Bank (AfDB) with EU backing, Boost Africa combines venture capital equity with technical assistance to scale tech, fintech, agribusiness, and renewable energy startups across the continent.
Speaking at the session titled “Boost Africa: From Capital to Impact,” Senator Abubakar Atiku Bagudu, Nigeria’s Minister of Budget and Economic Planning, alongside H.E. Gautier Mignot, EU Ambassador to Nigeria and ECOWAS, emphasized the vital role of international partnerships in fueling Nigeria’s entrepreneurial ecosystem.
Moussa Nakoulima, EIB Regional Head for West and Central Africa, clarified that Boost Africa drives growth by investing directly in venture capital funds rather than individual enterprises, thereby equipping fund managers to better back high-potential startups.
Highlighting real-world impact, two Nigerian trailblazers presented their growth stories supported by venture capital:
Beacon Power Services: Represented by Director of Operations Michael Babalola, showcasing tech-driven solutions tackling electricity distribution inefficiencies.
ChipMango: Represented by Hamilton, demonstrating Nigeria’s burgeoning semiconductor engineering capabilities and talent pool competing on the global stage.
Building on the successes of Boost Africa, the EIB unveiled Boost Ventures. Backed by a €129 million guarantee from the European Commission, the new initiative aims to expand financing, widen market access, and de-risk venture capital investments for the next generation of scalable African businesses.
Daisy Leich, Director of Strategy at TLcom, noted that combining strategic mentorship, industry expertise, and growth capital is key to helping African startups navigate expansion and achieve long-term sustainability.
