The Nigerian government has given the green light to convert a Federal Government property in San Francisco, United States (U.S), into a hub for the Nigerian Digital Technology Exchange Programme, also known as Nigeria Startup House.
The Minister of Communication, Innovation, and Digital Economy, Bosun Tijani, made this announcement in a press release yesterday after the end of the Federal Executive Council (FEC) meeting.
Tijani highlighted that the ministry has obtained two approvals that present significant opportunities for Nigerians.
The first approval pertains to the establishment of a startup hub in the US, while the second involves the provision of an additional 90,000 kilometres (km) of fibre optic cable to enhance the existing connectivity infrastructure.
Regarding the startup house, the minister emphasized that this development will play a crucial role in attracting foreign direct investments to the country.
“As we work towards achieving key elements of our Trade and IEC strategic blueprint pillars, the Nigerian Startup House will play a critical role in promoting Nigeria’s economic interest, attracting foreign direct investment and improving the visibility and positioning of Nigeria’s startup ecosystem to attract funding and expertise from global markets and organisations represented in the San Francisco Bay Area and beyond,” he said.
The Minister added: “The San Francisco Bay Area and nearby Silicon Valley are recognised globally as major sources of startup ecosystem funding. With a combined GDP value of just over $929 billion, they are home to over 200 of the largest companies in the world by revenue.
“In addition, most of the $1.3 billion funding sourced by Nigerian technology startups in 2023 alone came from Venture Capital funds in the Bay Area.”
Tijani explained that while the Nigeria Startup House will remain owned by the Federal Government, it will be managed by a consortium of Nigerian digital technology companies, which will provide non-public funding for its operations.
