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The Federal Government of Nigeria, through the National Centre for Artificial Intelligence and Robotics (NCAIR), has introduced a ₦100 million AI Fund to support Nigerian startups leveraging Artificial Intelligence (AI) to create innovative solutions. The initiative, launched with backing from Google, aims to accelerate AI-driven entrepreneurship and economic growth in the country.
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“This AI Fund is a crucial step in nurturing local innovation that addresses Nigeria’s unique challenges while contributing to national economic growth. By empowering our startups, we are investing in their success and in the future of Nigeria’s digital economy,” said Dr. ‘Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, during the launch event in Abuja.
The AI Fund builds on several strategic programs from the Ministry aimed at harnessing AI’s potential to drive technological innovation in Nigeria. Last April, the Ministry organized an AI Strategy Workshop to discuss the future of AI adoption in the country.
“If we succeed in the public sector, the impact will extend to the private sector, transforming national life and shaping the future of AI in Nigeria,” Dr. Tijani added. He highlighted how the partnership with Google would significantly enhance AI innovation and entrepreneurship in the nation.
Tinubu’s broader strategy to position Nigeria as leader in AI development
The initiative aligns with President Bola Ahmed Tinubu’s broader strategy to position Nigeria as a leader in AI development. Nigeria is also developing a National Artificial Intelligence Strategy to guide future policy decisions and promote AI adoption across multiple industries.
Google’s West Africa Director, Olumide Balogun, emphasized that this partnership aligns with Google’s goal of building Africa-focused digital solutions and supporting innovation across the continent.
“Our collaboration with Google reflects our shared vision for Nigeria’s technological advancement. The AI Fund aims to provide our entrepreneurs with the necessary resources to create transformative AI solutions. We are excited to see the innovative projects that will emerge,” said Dr. Bunmi Ajala, National Coordinator of NCAIR.
How to Qualify for the AI Fund
- To qualify for the ₦100 million AI Fund, startups must be based in Nigeria
- Have at least one Nigerian founder
- Focus on AI-driven solutions with significant market potential.
- Applications are open from September 10 to September 25, 2024, with winners to be announced in October.
Benefits
- In addition to funding,
- Selected startups will gain access to Google’s AI tools, mentorship programs, and a global network of experts and investors
- These will help them scale their businesses and expand beyond Nigeria.
