E-Financial
AfDB, EIB Launch Initiative to boost Innovative Entrepreneurs Across Africa
Boost Africa Initiative, a unique partnership in support of innovation and entrepreneurship across Africa has been launched on Monday, in Abidjan by the European Investment Bank (EIB) and the African Development Bank (AfDB) in partnership with the European Commission.
The launch ceremony took place at the Headquarters of the AfDB in Abidjan in the presence of EIB President Werner Hoyer, AfDB President Akinwumi Adesina, EIB Vice-President Ambroise Fayolle and Stefano Manservisi, Director-General for International Cooperation and Development at the European Commission.
Boost Africa will contribute to fostering the development of an efficient entrepreneurial ecosystem in Africa by supporting the earliest and riskier stages of the venture value chain, in an economically viable and sustainable way.
Boost Africa aims to spur the entrepreneurial potential of the African youth to create innovative and compelling businesses with the capacity to compete regionally and globally, to attract domestic and foreign direct investment, to create new and quality jobs, and contribute to inclusive and sustainable economic growth.
As a result of an initial combined investment of up to €150 million, the Initiative is expected to leverage up to €1 billion in additional investments in a high growth sector, and support over 1,500 start-ups and SMEs across the continent.
Pan-African in scope, the Boost Africa Initiative has three integrated pillars:
Firstly, Investment Program: equity investments in seed funds, business angels co-investment funds, accelerators’ follow-on funds, venture capital funds, etc. that invest in innovative start-ups and high-growth small and medium enterprises (SMEs);
Secondly, Technical Assistance Facility: a pool of grant resources to provide capacity building and disseminate best practices for the investment readiness of intermediaries, the business and technical assistance, training of investee companies and entrepreneurs, and the creation of local investors’ networks;
Thirdly, Innovation and Information Lab: a platform for supporting the entrepreneurship ecosystem by fostering innovation, knowledge development and partnerships, and incubating and piloting promising new ideas, as well as assessing and disseminating best practices.
“Boost Africa will help Africa’s young population to gain hope and confidence that they can succeed in realising their dreams and aspirations,” said AfDB President Akinwumi Adesina. “Africa’s future will be determined by the current youth and it is crucial that we create and support entrepreneurship opportunities for youth, generate success stories and show these as examples for other young people.”
EIB President Werner Hoyer said, “Boost Africa is a truly great initiative which will support African entrepreneurship and innovation, and nurture the continent’s new talent. It is thus a concrete way of tackling the long-term factors fuelling poverty, instability and brain drain – many of which are at the origin of the migration crisis we all currently face – and therefore make the Sustainable Development Goals a reality.I am proud that the EU and its Bank, the EIB, are operating in such effective partnership with the African Development Bank and other DFIs to tackle the world’s pressing challenges.”
President Hoyer added, “What’s more, Boost Africa will hit the ground running, as the first start-ups and high-growth SMEs are expected to be supported very soon. These small businesses and the young men and women behind them are truly an inspiration, as are their dynamism and determination.”
Director-General for International Cooperation and Development at the European Commission Stefano Manservisi said, “Boost Africa will give a concrete push to innovation and spur the creation of new instruments which support financial inclusion, such as venture capital and impact investing which is in line with the European External Investment Plan approach. Thanks to a smart use of blended finance, Boost Africa aims at leveraging the full strength of two major financial institutions to venture into new areas of support for the new generation of African entrepreneurs and we want to give a particular focus on fragile and risky situations where financial services are not provided by the market. Boost Africa is a concrete example of actions that reflect EU’s determination to create conditions for job creation for youth.”
Through Boost Africa, the EIB and AfDB are widening their investment scope to projects that are usually deemed too small, too risky and too time consuming, but which are key to foster entrepreneurship and high impact innovation. Boost Africa is also unique in the emphasis it is putting on a sizeable technical assistance envelope, alongside financing, as well as on its Innovation and Information Lab to strengthen the investment program’s investments.
Boost Africa leverages business and financial expertise from AfDB and EIB, as well as from a broad network of partners and stakeholders, to accelerate the growth and development of start-ups in Africa, and will attract, make strategic use of and nurture a network of venture intermediaries for both financing and business development to boost African entrepreneurship.
The comprehensive intervention approach is expected to contribute to the success and growth of start-ups in order to become significant businesses within their local environments.
“Africa is currently home to a boom in small businesses experimenting with innovative products, services or business models, often leveraging technology,” said Adesina.
“This is the right time to support these enterprises with financial and technical resources to enable them to commercialise their innovations. Boost Africa will demonstrate to all Africans that they can and should take charge of their future. Boost Africa is a key initiative within the AfDB’s Jobs for Youth in Africa initiative, one of the Bank’s High 5 priorities.”
Nigeria’s Value Added Tax (VAT) revenue surged to ₦6.72 trillion in 2024, marking an 84.6% increase from ₦3.64 trillion in 2023, according to the National Bureau of Statistics (NBS). This sharp rise reflects stronger economic activity and improved tax collection efforts across key sectors.
VAT revenue showed consistent growth throughout the year. In Q1 2024, collections stood at ₦1.43 trillion. This rose to ₦1.56 trillion in Q2, representing a 9.09% increase. Q3 recorded ₦1.78 trillion, up 14% from the previous quarter, while Q4 peaked at ₦1.95 trillion, a 9.5% rise from Q3.
In Q4 alone, VAT collections totaled ₦1.95 trillion, with domestic VAT payments contributing ₦917.40 billion, non-import foreign VAT at ₦554.68 billion, and import VAT at ₦474.75 billion. Domestic VAT remained the largest source, indicating strong local business activity and consumer spending.
Several sectors posted significant quarter-on-quarter growth in Q4. Extraterritorial organisations and bodies saw a dramatic rise of 180.05%, followed by agriculture, forestry and fishing at 70.83%, and human health and social work at 46.13%. These gains suggest increased operational scope, improved compliance, and possibly targeted government incentives.
However, not all sectors fared well. Households as employers and self-use production contracted by 28.97%, while the information and communication sector declined by 23%. The drop in ICT may reflect shifting market dynamics or regulatory headwinds affecting digital services.
Overall, the surge in VAT revenue signals a positive fiscal outlook for Nigeria, with implications for budgetary planning, infrastructure investment, and social services funding. It also highlights the importance of sector-specific monitoring to sustain momentum and address emerging challenges.
Federal Inland Revenue Service (FIRS) has commenced an electronic invoicing solution (e-invoicing) aimed at transforming digital tax administration and revolutionising tax payment in Nigeria.
The e-invoicing system, also known as the Merchant-Buyer Model, is designed to make tax compliance easier, faster and more transparent for all categories of taxpayers.
A statement by Dare Adekanmbi, special adviser on Media to Zacch Adedeji, chairman, FIRS, said the solution went live on August 1, following a successful pilot phase which began in November 2024.
According to the statement, large taxpayers, which are companies with annual turnover of N5 billion and above, are the first to be onboarded. In less than two weeks after the initiative went live, no fewer than 1,000 companies, representing 20 per cent of over 5,000 eligible firms, have embraced the solution and commenced integration with the FIRS MBS platform.
It noted that the remaining large taxpayers are expected to come onboard on or before November 1, the deadline for all firms in the category to complete their onboarding and integration processes.
“MTN Nigeria became the first taxpayer to transmit live electronic invoices to the FIRS, officially ushering in the e-invoicing regime. Huawei Nigeria and IHS Nigeria have also concluded test transmissions and are set to go live in the coming days.
“In collaboration with the National Information Technology Development Agency (NITDA), Service Providers have been incorporated into the ecosystem to act as both System Integrators and Access Point Providers. These providers will facilitate the onboarding, integration, and invoice transmission processes for taxpayers.”
The statement commended all large taxpayers, tax consultants, and service providers for their cooperation and commitment to the success of the project.
“We also acknowledge the genuine efforts of many taxpayers who strove to meet the 1st of August 2025 deadline but encountered operational constraints.
“In the spirit of encouraging voluntary compliance, the FIRS management has graciously approved a three-month extension of the deadline, with the new deadline now set for 1st November 2025.
“The FIRS e-Invoicing Implementation Team will continue to provide support through stakeholder engagements, including webinars, workshops, and town hall meetings, to ensure a seamless transition for all large taxpayers,” it added.
The national e-invoicing solution is an electronic fiscal system (EFS) developed by FIRS to provide real-time visibility into commercial transactions and ensure the authenticity, accuracy and completeness of invoices.
It is being implemented in phases, starting with large taxpayers, with medium and emerging groups to follow.
The initiative aligns with global best practices and supports the Federal Government’s broader objectives of enhancing revenue assurance, reducing tax evasion, and modernising tax administration.
It is also a critical tool in the implementation of the Nigeria Revenue Services Reform Act, which seeks to harmonise revenue reporting and establish a single source of truth for government revenues.
First Securities Brokers Limited, the stockbroking subsidiary of First Holdco Plc, recently announced its impressive performance in the latest Nigerian Exchange (NGX) Broker Performance Report. The firm secured first place in terms of trading volume and value of transactions for the month of July, 2025.
According to the report, First Securities Brokers Limited displayed strong trading activity and strategic market positioning, further solidifying its reputation as a significant player in the capital and equities market.
Fiona Ahimie, Chief Executive Officer and Managing Director of First Securities Brokers Limited expressed her pleasure at the firm’s achievement of a trading value of ₦414.457 billion, which accounts for 22.80% of the total trading value reported by the NGX during the review period. This performance highlights the effectiveness of the integrated model promoted by First Holdco Plc.
The Holding Company’s strategic focus on synergy within the Group played a crucial role in enhancing the performance of First Securities Brokers Limited.
“This remarkable achievement reflects the hard work and dedication of our entire workforce, as well as the trust our clients continue to place in us. It underscores our growing influence and effectiveness in the Nigerian equities market,” she added.
“Our focus on providing innovative and seamless trading solutions, coupled with deep market expertise, has been crucial to driving this success. We are not just a brokerage firm; we are strategic partners in our clients’ financial journeys. This recognition further motivates us to deliver exceptional value.”
“We remain committed to creating long-term value for our clients and stakeholders. Building on this momentum, we will continue to enhance our service offerings and further establish our position as a key driver of growth and development in the Nigerian financial market.”
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