By Favour Ulebor, Abuja

The European Union, EU, and European Investment Bank, EIB, have invested €108 million through the Boost Africa initiative to support African entrepreneurs, attract an additional €400 million and create up to 15,000 jobs.

EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, disclosed this on Wednesday in Abuja at a media briefing on the Boost Africa Impact Forum, themed, “Investing in Africa’s Next Generation of Entrepreneurs: From Investment to Impact.”

Mignot said the initiative was part of the EU’s Global Gateway strategy aimed at promoting sustainable growth, attracting private investment, creating jobs and strengthening local businesses.

He said the partnership with Africa focused on creating more opportunities for young people through entrepreneurship and innovation.

Mignot described young African entrepreneurs as a major asset to the continent, saying their ideas could help transform economies and create sustainable prosperity.

He said Nigeria remained an important part of the partnership because of its vibrant entrepreneurial ecosystem.

He said, “What matters most is the impact on people. And today’s event is precisely about more than investment figures: it’s about people, it’s about entrepreneurs, it’s about innovation, it’s about jobs and opportunities created when Africa’s talent is matched with the right partners and the right financing.

“Nigeria is one of Africa’s most dynamic entrepreneurial ecosystems, and we believe that supporting innovation and enterprise is essential for sustainable economic growth and job creation. So this is really the core of our partnership in Nigeria,” he said.

Also speaking, EIB Country Relationship Manager for Nigeria, Moussa Nkoulima, said Boost Africa was created to address the shortage of early-stage funding available to African entrepreneurs.

He said the initiative, launched in 2016 by the EIB and African Development Bank with EU and OACPS support, provides capital, technical assistance and support for the wider business ecosystem.

Nkoulima said the programme had worked with six venture capital funds and invested €108 million, which helped attract another €400 million from other investors.

He said Nigeria had been one of the major beneficiaries of the programme, citing TradeDepot, whose technology platform has connected up to 40,000 retailers with suppliers.

Nkoulima added that Boost Africa aimed to help businesses expand across African countries and develop into Pan-African companies.

He said, “If we can provide African entrepreneurs with capital, if we can provide them with expertise, with knowledge, and if we can provide them with a stronger investment ecosystem, then we can build competitive African businesses, we can help create jobs, and we can solve real development problems.”

Meanwhile, Investment Director at Cathay AfricInvest Innovation Fund, Lavanya Anand, said the fund had invested in 15 technology companies across Africa, supporting businesses in healthcare, finance, logistics and e-commerce.

She said companies supported through the fund had created thousands of direct and indirect jobs and reached millions of people with improved services.

Also, Chief Strategy Officer of Beacon Power Services, Christine Adejorooluwa, said Boost Africa support helped the energy technology company expand from one utility to 12 utilities across seven African countries.

She said the support included funding, governance, business development and access to strategic networks, helping the company reduce power losses and improve revenue for utilities.