European Union (EU) Ambassador to Nigeria, Gautier Mignot and others
THE European Union Ambassador to Nigeria, Mr Gautier Mignot, yesterday, said the €100 million funding on Boost Africa Investment Programme, has created 50,000 jobs in Sub-Saharan Africa, particularly Nigeria since inception 10 years ago.
Speaking at a forum that brought together investment partners and the media, Mignot added that the amount already generated additional €400 million, thereby expanding jobs opportunities and building young entrepreneurs that have been able to realize their ambitions through right and timely investments.
The project, which is under the EU’s Global Gateway strategy brings team Europe and their development banks, including European Investment Bank (EIB) and African Development Bank (AfDB) together for quality partnerships that support sustainable growth.
According to him, they leverage private investment through financial instruments with the aim of creating jobs and opportunities, especially for young people in africa.
“And today’s event is precisely about more than investment figures. It is about people, entrepreneurs, innovation, about jobs and opportunities created when Africa’s talent is matched with the right partners and the right financing.
“The European Union believes that Africa’s young entrepreneurs are among the continent’s greatest asset. Their ideas have the potential to transform economies, strengthen communities, and create sustainable prosperity.
“Boost Africa is an excellent example of this approach, and it demonstrates how collaboration between the European Union, the EIB, the African Development Bank, venture capital partners, and African entrepreneurs can generate real and measurable impact”, the ambassador said.
Also speaking, Country Relationship Manager for Nigeria, European Investment Bank (EIB), Mr Moussa Koulima, decried that while Africa boasts of talented population and a growing community of businessmen and businesswomen that are developing solutions in every sector of the economy, they lack the financial muscle to develop their businesses.
He noted that Boost Africa was launched in 2016 by EIB and AfDB with strong support of the EU and Organization of African, Caribbean and Pacific States (OACPS), to provide African entrepreneurs with capital.
Describing the partnership as a smart combination of capital and capacity, he said the operations rely on three main pillars –investment capital, technical assistance and ecosystem development.
“The main role of Boost Africa is to address the financing gap. Africa has entrepreneurial talents, but venture capital market is relatively small. This is the reason Boost Africa deliberately goes into the early, riskiest stage of the financing chain, where conventional financing institutions are reluctant to lend funds.
“We use development finance to mobilize private capital. The objective isn’t for institutions such as the EIB to replace private investors. Rather, it is to take enough risk at the suitable stage to encourage other investors to participate.
“Boost Africa deliberately put the emphasis on young people. The initiative was designed around the recognition that entrepreneurship can become a major source of employment and economic growth for its young population, and Nigeria is exactly the kind of market that demonstrates the relevance of the tool and instrument such as Boost Africa.”
Investment Director, Cathay AfricInvest Innovation Fund (CAIF), Ms Lavanya Anand, said theirs was a €110 million venture capital fund invested primarily into tech companies.
She said the company has invested into 15 companies across the continent between 2019 and 2025.
“And over the course between 2019 and 2024 is when we deployed this Boost Africa funding into specific projects, both for our portfolio companies at an individual project level, group level and for the benefit of our team.”
