The European Investment Bank (EIB) has invested €108 million in Nigeria and other African countries through the Boost Africa initiative over the past decade, supporting emerging businesses and helping unlock additional financing for entrepreneurs across the continent.
The investment was disclosed in Abuja by Gautier Mignot, the European Union Ambassador to Nigeria and the Economic Community of West African States, who highlighted Nigeria’s importance to the initiative.
“Nigeria is one of Africa’s most dynamic entrepreneurial…” Mignot said, underscoring the country’s position as a major market for investment and innovation.
According to reports, the €108 million investment by the EU and EIB has helped mobilise significantly larger amounts of capital, with the Boost Africa programme linked to about €400 million in financing for African businesses.
The development is important for Nigeria’s growing startup and small-business ecosystem, where entrepreneurs frequently face challenges accessing affordable long-term capital. Increased funding could provide businesses with resources to expand operations, develop new products, create jobs and improve their competitiveness.
The initiative also reflects broader European efforts to support private-sector development and entrepreneurship in Africa. By combining investment with financial and technical support, programmes such as Boost Africa seek to strengthen businesses at different stages of development.
For Nigeria, the funding comes at a time when startups and small and medium-sized enterprises continue to seek alternative sources of capital amid challenging economic conditions. Analysts say greater access to investment could help businesses scale and contribute more substantially to economic growth.
The EIB has maintained a long-standing investment presence in Africa, supporting development across sectors including infrastructure, energy, finance and private enterprise. The bank says it has invested in sustainable development projects across the continent since 1963.
With entrepreneurship increasingly viewed as a driver of employment and innovation, the latest Boost Africa investment highlights the growing role of international development finance in supporting African businesses and strengthening the continent’s private sector.
