Francisco and an SPV that will build 90,000km of fibre optic cable

May 18, 2024 10 mins read

The Minister of Communications, Innovation, and Digital Economy (CIDE), Bosun Tijani, has announced plans to set up the Nigerian Digital Technology Exchange Program Hub – Nigerian Startup House – in San Francisco, USA.

FG approves startup hub in San Francisco and an SPV that will build 90,000km of fibre optic cable

  • The Minister of Communications, Innovation, and Digital Economy (CIDE), Bosun Tijani, has announced plans to set up the Nigerian Digital Technology Exchange Program Hub – Nigerian Startup House – in San Francisco, USA. 
  • The project, which has been approved, will be executed on an existing property of the Nigerian government in San Francisco.
  • Aside from the Nigerian Startup House, the minister also announced the launch of a Special Purpose Vehicle (SVP) for the delivery of an extra 90,000km of fibre optic cable to complement the connectivity infrastructure and deliver stronger Internet access across Nigeria.

Earlier in February 2024, the Ministry of CIDE announced 'Project 774 LG Connectivity,' aimed at connecting 774 local government secretariats in Nigeria to the Internet, increasing digital access, and creating jobs. 

The project, handled in collaboration with Nigerian Communications Satellite Limited and Galaxy Backbone, aims to address limited Internet access and extend connectivity beyond government offices to communities.

Further, according to the Minister, the move to set up a hub in San Francisco aligns with the desire to position Nigeria as a player in the global technology scene and attract investments to Nigeria.

“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 interests, 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 Minister said.

Acknowledging the San Francisco Bay Area as a major source of funding for startups globally, he noted 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.”

The Startup House, belonging to the Federal Government, will be represented by the Ministry of Communications, Innovation, and Digital Economy and the Ministry of Foreign Affairs. Additionally, it will be managed by several Nigerian digital technology companies for non-public funding covering operations of the Startup House.

Moreover, Nigeria's President Bola Ahmed Tinubu's newly formed Presidential Economic Coordination Council (PECC), established two months ago, includes a 10% representation from the tech ecosystem. The Minister, Bosun Tijani, who is also the founder of CcHub, alongside Funke Opeke, founder of MainOne, and Chidi Ajaere, Chairman of the parent company of GIG Mobility and GIG Logistics, were brought in as members of the council.

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