The Nigerian federal government has recently announced the opening of applications for a N100 million Artificial Intelligence (AI) Fund to support local startups. This initiative, backed by tech giant Google, aims to foster innovation in the country by empowering startups that utilize AI to develop impactful solutions.
Dr. Bosun Tijani, the Minister for Communications, Innovation, and Digital Economy, highlighted that this fund is a significant step towards nurturing homegrown technology that addresses local challenges and promotes economic growth. The initiative aligns with ongoing efforts by the Ministry to harness AI’s potential for development in Nigeria.
The AI Fund will provide selected Nigerian startups with financial support of up to N10 million. In addition to the funding, these startups will gain access to Google’s extensive resources, which include AI tools, mentorship, and a global network to help them scale their innovations effectively.
To be eligible for the AI Fund, startups must meet specific criteria:
1) They must be headquartered in Nigeria.
2)Â At least one of the founders should be Nigerian.
3) They should focus on developing AI-driven solutions that have the potential to expand beyond the local market.
4) Startups must already have a live product that demonstrates early traction and product-market fit.
Applications for the AI Fund opened on September 10, 2024, and will close on September 25, 2024. Interested startups can apply through the designated platform.
Dr. Tijani emphasized the fund’s importance, stating, “By supporting our startups, we are investing not just in their success but also in the future of Nigeria’s digital economy.” He believes that this initiative will encourage local entrepreneurs to tackle pressing challenges within their communities.
Dr. Bunmi Ajala, the National Coordinator of the National Centre for Artificial Intelligence and Robotics (NCAIR), echoed these sentiments. He noted that the partnership with Google reflects a shared vision for advancing technology in Nigeria. “The AI Fund is designed to empower our entrepreneurs with the resources they need to create impactful AI solutions,” he said.
Olumide Balogun, Google’s West Africa Director, reaffirmed the company’s commitment to enhancing digital capabilities across Africa. He stated that supporting the AI Fund is part of Google’s broader mission to provide startups with the necessary tools and resources for global success.
This initiative follows a series of strategic programs by the Ministry of Communications, including an AI Strategy Workshop held earlier this year, which brought together key stakeholders to discuss the future of AI in Nigeria. The recently released National AI Intelligence Strategy outlines the country’s roadmap for integrating AI into various sectors, aiming to enhance growth and societal well-being.
The AI Fund represents a unique opportunity for ambitious startups in the AI space to access world-class resources and mentorship. By investing in innovative ideas, the government and Google are cultivating a new wave of technology that aims not only to address critical challenges but also to elevate Nigerian startups within the global tech landscape.
For startups looking to make a mark in the AI sector, this fund could be a game-changer, providing the support needed to innovate and succeed.
