Business & Economy
How Boost Africa Initiative Is Powering Nigerian Innovation
Boost Africa, a joint initiative of the European Investment Bank (EIB) and the African Development Bank (AfDB), supported by the European Union, is launching “From Capital to Impact,” a communications campaign highlighting the achievements of the initiative and the experiences of innovative Nigerian businesses supported through its venture capital investments.
Running from 1 November to 31 December 2026, the campaign will bring the impact of Boost Africa closer to the public through entrepreneurial success stories, investment insights, digital storytelling and media engagement.
Launched to address financing challenges facing innovative African businesses, Boost Africa has helped strengthen the continent’s venture capital ecosystem by investing in funds that provide financing and strategic support to promising startups and growing enterprises.
The initiative demonstrates how development finance can help mobilise private investment and enable businesses to develop solutions, expand operations, reach new markets and create employment opportunities.
Putting Businesses and People Behind the Numbers
At the heart of the campaign are stories of Nigerian businesses whose growth journeys illustrate the wider impact of investment.
The campaign will feature companies including Daya, ChipMango and TradeDepot, highlighting their innovations, entrepreneurial journeys and experiences working with venture capital funds supported by Boost Africa.
From developing cross-border financial infrastructure to strengthening digital commerce and creating opportunities for technology talent, these businesses demonstrate how investment can support solutions to real economic and societal challenges.
Through founder interviews, beneficiary success-story videos, digital content and editorial features, the campaign will explore not only the financing received by businesses but also the expertise, networks and strategic support that help them grow.
From Investment to Measurable Impact
Boost Africa’s achievements extend beyond the capital committed to venture funds.
According to EIB-reported results as of December 2023, the initiative had invested €88 million, supported approximately 15,000 jobs and helped mobilise nearly €400 million in additional investment across Africa.
These figures illustrate the potential of development finance to catalyse private investment and strengthen the businesses contributing to Africa’s economic transformation.
The campaign will connect these broader achievements with the experiences of Nigerian entrepreneurs, investors, employees and customers, demonstrating how investment translates into tangible opportunities.
Amplifying Africa’s Entrepreneurial Success Stories
The From Capital to Impact campaign will feature a coordinated programme of social media
storytelling, video documentaries, thought-leadership articles and online media publications.
It will also provide perspectives from venture capital fund managers on the importance of patient capital, technical expertise, business networks and investment partnerships in helping African enterprises scale.
By making investment outcomes more visible and accessible, the campaign aims to strengthen public understanding of Boost Africa’s contribution to entrepreneurship, innovation and sustainable economic development.
The central message is simple: the true value of investment is reflected not only in the capital deployed, but in the businesses strengthened, opportunities created and impact made possible.
About Boost Africa
Boost Africa is a joint initiative of the European Investment Bank and the African Development Bank, supported by the European Union. The initiative promotes
entrepreneurship and innovation across Africa by supporting venture capital funds investing in innovative startups and growing businesses, alongside complementary technical assistance and ecosystem support.
First Lady Oluremi Tinubu has announced a ₦500m relief package for businesses and groups affected by the fire that gutted parts of the SPAR shopping mall in Calabar, Cross River State.
The intervention was announced on Friday, September 4, 2026, during the launch of the South-South zonal phase of the National Community Food Bank Programme in Calabar.
Under the main component of the relief package, President Bola Ahmed Tinubu approved ₦25m each for 18 business owners affected by the fire.
The payments amount to ₦450m and are intended to provide immediate financial support to business owners as they begin efforts to recover from the losses caused by the incident.
“Mr President has asked me to give N25 million for each of the 18 business owners affected. This intervention is to provide immediate support and help victims recover from their losses,” the First Lady said.
The August 22 fire affected several sections of the SPAR Mall, destroying shops, goods and other property. Businesses reported to have been affected included a pharmacy, clothing outlet, perfumery and phone shop.
The Cross River State Government had earlier described the incident as a major loss to businesses and livelihoods, saying property worth billions of naira was affected.
Alongside the support for the 18 business owners, Tinubu announced another ₦50m for women’s groups in the state.
An additional ₦15m was also presented to women who welcomed the First Lady during her visit to Cross River.
The combined interventions bring the announced support to ₦515m, comprising ₦450m for the affected business owners, ₦50m for women’s groups and ₦15m for the women who welcomed her.
The fire at the Calabar mall broke out in the early hours of August 22 and spread through one of the mall’s wings, prompting traders and workers to scramble to save goods and valuables.
The immediate cause of the fire has remained subject to investigation, although an electrical fault was cited as a possible cause in early reports. No casualty had been reported in the initial accounts.
The relief package is expected to give affected business owners some financial backing as they work to rebuild their businesses following the devastating fire.
The intervention also comes as the Federal Government expands its wider support initiatives in the South-South region, with the First Lady using her Calabar visit to launch the zonal phase of the National Community Food Bank Programme.
The programme is targeted at vulnerable households across Akwa Ibom, Bayelsa, Cross River, Delta, Edo and Rivers states, particularly children under six, pregnant women and lactating mothers.
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