As part of his administration’s plan to position Nigeria as a significant player in the global technology landscape, President Bola Ahmed Tinubu yesterday approved 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).

This was one of the several resolutions arrived at during the Federal Executive Council (FEC) meeting presided over by President Tinubu yesterday at the State House, Presidential Villa, Abuja.

“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,” said Dr. ‘Bosun Tijani, the Honourable Minister of Communications, Innovation & Digital Economy.

“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,” Dr. Tijani added.

Earlier, the Honourable Minister announced the President’s approval of a Special Purpose Vehicle (SPV) to facilitate the delivery of 90,000km of fibre-optic cable, complementing Nigeria’s existing connectivity infrastructure and deliver a stronger national backbone for universal access to the internet.

While the ownership of the Nigeria Startup House will remain with the Federal Government, 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.