The European Investment Bank (EIB) has showcased the impact of its Boost Africa initiative in supporting innovative African businesses, highlighting how strategic investment partnerships can drive business growth, innovation, job creation and economic development.
The initiative was presented at the Nigeria–EU Global Gateway Investment Partnership Lab, held on the sidelines of the 32nd Nigerian Economic Summit in Abuja.
The event, convened by Nigeria’s Federal Ministry of Budget and Economic Planning in collaboration with the EIB’s Boost Africa team, brought together government officials, European development institutions, investors and private-sector leaders to explore how innovative financing and strategic partnerships could accelerate Nigeria’s economic transformation.
Speaking at the event, Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, emphasised the importance of mobilising private-sector investment to support Nigeria’s economic development.
Similarly, the European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot, stressed the need to translate investment partnerships into tangible economic opportunities, particularly through stronger support for Nigeria’s entrepreneurial ecosystem.
Boost Africa highlights investment achievements
A major highlight of the gathering was a session titled “Boost Africa: From Capital to Impact,” which examined how development finance and venture capital investments are helping African businesses grow and deliver practical solutions.
Moussa Nakoulima, EIB Regional Head for West and Central Africa, provided an overview of the initiative, outlining its achievements and the role of development finance in attracting investment for African entrepreneurs.
Boost Africa, launched jointly by the European Investment Bank and the African Development Bank, with support from the European Union, combines venture capital investments with technical assistance to strengthen Africa’s entrepreneurial ecosystem.
The initiative has attracted more than €100 million in EIB investment commitments to venture capital funds, supporting businesses across sectors such as technology, financial services, agribusiness and renewable energy.
Speaking on the role of venture capital in developing African enterprises, Daisy Leich, Director of Strategy at TLcom, highlighted the importance of providing businesses with more than just financial resources.
She noted that strategic guidance, technical expertise and access to business networks are equally important in helping growing enterprises overcome challenges and achieve sustainable expansion.
Nigerian businesses showcase investment-driven innovation
The session also featured presentations from two Nigerian businesses, Beacon Power Services and ChipMango, which illustrated how investment can support innovation and the development of local capabilities.
Michael Babalola, Director of Operations at Beacon Power Services, shared insights into the company’s technology-driven solutions for the energy sector, particularly how innovation can address operational challenges in electricity distribution.
Representing ChipMango, Hamilton discussed the company’s efforts to develop Nigeria’s semiconductor engineering capabilities and create opportunities for local talent to participate in the global technology industry.
Their contributions demonstrated how investment partnerships can support businesses in developing practical solutions to critical economic and technological challenges.
The discussions also clarified that Boost Africa supports enterprises primarily through investments in venture capital funds, helping create opportunities for innovative businesses to access financing and expand their operations.
Boost Ventures to expand financing opportunities
Looking ahead, participants were introduced to Boost Ventures, a successor initiative designed to build on the experience and achievements of Boost Africa while expanding financing opportunities for innovative African businesses.
Backed by a €129 million European Commission guarantee, Boost Ventures is expected to strengthen Africa’s venture capital ecosystem and support the next generation of entrepreneurs.
For Nigeria, where startups and emerging businesses are developing solutions across critical sectors, sustained access to capital, technical expertise and international partnerships remains essential to unlocking economic opportunities.
The session reinforced the importance of development finance as a catalyst for attracting private investment and helping African businesses realise their potential.
By connecting development finance institutions, venture capital funds and businesses, the Boost Africa initiative demonstrates how investment partnerships can translate financial commitments into stronger enterprises, technological innovation, new capabilities and economic opportunities across the continent.
Ultimately, its impact goes beyond the amount of capital mobilised, highlighting what strategic investment can make possible for Africa’s business ecosystem and long-term economic development.
