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The Federal Government, through the National Centre for Artificial Intelligence and Robotics, in partnership with Google, on Tuesday, announced the launch of the AI Fund, a N100m initiative aimed at supporting Nigerian startups leveraging Artificial Intelligence to develop innovative solutions.
This initiative is part of the Ministry of Communications, Innovation & Digital Economy’s strategic programs to harness AI’s potential to drive development, innovation, and well-being in Nigeria.
The AI Fund will provide necessary resources for Nigerian startups to innovate and scale their AI solutions, the search engine giant said in a statement.
The launch follows the Artificial Intelligence Strategy Workshop in April and the release of the National AI Intelligence Strategy in August, which outlined Nigeria’s roadmap for integrating AI into various sectors to enhance growth and societal well-being.
The AI Fund, according to the partners, is a significant step in actualising these plans, and it is expected to have a positive impact on Nigeria’s startup ecosystem, driving innovation and entrepreneurship in the AI sector.
The Minister of Communications, Innovation and Digital Economy, Dr. ‘Bosun Tijani, said, “The AI Fund is a critical step in nurturing homegrown innovation that addresses local challenges and contributes to economic growth.
“By supporting our startups, we are not only investing in their success but also in the future of Nigeria’s digital economy,” the minister remarked.
The National Coordinator of NCAIR, Dr. Bunmi Ajala, stated, “Our partnership with Google is a reflection of our shared vision for Nigeria’s technological advancement.
“The AI Fund is designed to empower our entrepreneurs with the resources they need to create impactful AI solutions. We are excited to see the transformative innovations that will emerge from this programme.”
West Africa Director, Google, Olumide Balogun, reiterated Google’s commitment, saying, “Google’s support for the AI Fund is part of our broader mission to enhance digital capabilities across Africa.
“We are committed to providing Nigerian startups with the tools, mentorship, and resources they need to innovate and succeed on a global stage,” Balogun noted.
Startups eligible to apply must be headquartered in Nigeria, have at least one Nigerian founder, focus on building AI-driven solutions with potential to scale beyond the local market, and have a live product demonstrating early traction and product-market fit.
Selected startups will receive funding of up to N10m, access to Google’s AI tools and mentorship from Google engineers, and opportunities for international exposure and connections to Google’s vast network.
Applications opened on September 10, 2024, and will close on September 25, 2024.
Google said the selection process will be rigorous, with a focus on identifying startups that not only have innovative AI solutions but also the potential for significant impact and scalability.
“Successful applicants will be announced in October 2024, with the program officially kicking off shortly thereafter,” it noted.
