BREAKING: FG converts property in San Francisco into tech hub

The Nigerian government has converted its property in San Francisco, USA into a Nigerian Digital Technology Exchange Programme Hub, to be known as Nigeria Startup House.

NaijaOnPoint.com.ng (NOP) reports Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani to have said the Nigerian Startup House will play a critical role in promoting Nigeria’s economic interest.

Dr Tijani, who made the disclosure on Tuesday the Federal Executive Council (FEC) meeting, said the tech exchange hub will also attract Foreign Direct Investment (FDI) and improving the visibility and positioning of Nigeria’s Startup Ecosystem to attract funding and expertise from global markets.

Speaking further, Tijani disclosed that most of the $1.3 billion funding sourced by Nigerian technology startups in 2023 alone came from Venture Capital funds in the Bay Area, where the Nigeria Startup House is located.

Making the disclosure, the Minister tweeted: “Another development from FEC today, which sits firmly in our desire as a Ministry to position Nigeria as a significant player in the global technology landscape, is the approval for the conversion of an existing property of the Federal Government in San Francisco, USA to a Nigerian Digital Technology Exchange Programme Hub (Nigeria Startup House).

“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.

“The San Francisco Bay Area, and nearby Silicon Valley, is recognised globally as a major source of startup ecosystem funding, with a combined GDP value of just over $929 billion and is 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.

“While the ownership of the Nigeria Startup House will remain with the Federal Government, represented by the Federal Ministry of Communications, Innovation and Digital Economy and the Ministry of Foreign Affairs, it will be managed by a consortium of Nigerian digital technology companies who will provide non-public funding for the operations of the Startup House”.