Dr. Bosun Tijani, the Minister of Communications, Innovation and Digital Economy in Nigeria, announced that it is setting up a Digital Technology Exchange Programme Hub (Nigeria Startup House) in San Francisco, USA.
He declared that this was approved at the Federal Executive Council meeting that took place on Tuesday. Interestingly, its is an existing property of the Nigerian Government that is being converted to the Nigeria Startup House. He stated that as the country works 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.”
He added that the Federal Government would still retain ownership of the property, represented by the Federal Ministry of Communications, Innovation & Digital Economy and the Federal Ministry of Foreign Affairs. It will however be managed by a consortium of Nigerian digital technology companies who will provide non-public funding for the operations of the Startup House.
As per a 2011 report from the San Francisco Examiner, the presumed property in question once housed Nigeria’s consulate general but was closed in 1989. This property spans 4,200 square feet and was appraised at $2.8 million as of 2011.
