The Federal Executive Council (FEC) has approved the conversion of an existing property owned by the federal government of Nigeria in San Francisco, USA, into a Nigerian Digital Technology Exchange Programme Hub, also known as the “Nigeria Startup House.”
The Federal Executive Council (FEC) has approved the conversion of a government owned property in San Francisco, USA, into the Nigerian Digital Technology Exchange Programme Hub, also known as the “Nigeria Startup Hub”.
This move aligns with the ministry’s vision of establishing Nigeria as a major player in the tech ecosystem.
The Nigeria Startup Hub aims to:
- Attract Foreign Direct Investment (FDI) by providing access to international organizations and venture capitalists firms concentrated in the San Francisco Bay Region, an innovative hub for startup funding.
- Improve the visibility and positioning of Nigeria’s startup ecosystem.
“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 strategic location is particularly key considering the fact that a good portion of the $1.3 billion raised by Nigerian startups in 2023 from the Bay Region venture capitalists.
The San Francisco Bay Region encompassing Silicon Valley has a combined Gross Domestic Product (GDP) exceeding $929 billion and houses over 200 of the world’s leading companies by revenue.
The Nigeria Startup Hub will further bring more visibility to the growing Nigeria startup market. The increased visibility will make Nigeria tech startups more attractive to potential venture capitalists and investors.
The Nigerian Federal Government (FG), duly represented by the Ministry of Communications and Digital Economy and the Ministry of Foreign Affairs, will retain ownership property, 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.
