Nigeria is establishing a start-up hub near Silicon Valley with the ambition to improve funding and knowledge exchange.

Nigeria’s Federal Government has announced plans to set up a ‘digital technology exchange programme hub’, which is to be called the Nigerian Start-up House in San Francisco, USA.

Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, who announced this, said the Federal Executive Council approved the project during its meeting on Tuesday.

According to him, a property in San Francisco already belonging to Nigeria’s Federal Government will be converted to become the start-up hub.

Tijani said setting this hub up in the US aligns with the ministry’s desire to position the country as a significant player in the global technology landscape. He added that his ambition is for the hub to play a significant role in attracting investments to Nigeria.

Nigeria’s minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani revealed the news of the Nigeria Start-up House this week.

According to Tijani, “The Nigerian Start-up 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 start-up 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 start-up 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 start-ups in 2023 alone came from venture capital funds in the Bay Area.”

According to Tijani, a group of Nigerian digital technology companies will oversee the Nigeria Start-up House and provide non-public funding for its operations, even though the Federal Government – represented by the Ministry of Communications, Innovation, and Digital Economy and the Ministry of Foreign Affairs – will continue to own and operate the facility.

The establishment of an exchange programme hub in the US aligns with the Nigeria Start-up Act, which encourages the establishment of innovation hubs and incubators, fostering a collaborative environment for start-ups.

According to the Act, these hubs are to serve as focal points for knowledge exchange, mentorship, and networking, creating a supportive ecosystem that nurtures the growth of innovative ideas.