The federal government through the National Centre for Artificial Intelligence and Robotics (NCAIR), has opened applications for a N100 million AI Fund.
The initiative, which is supported by tech giant, Google is aimed at supporting Nigerian startups that are leveraging Artificial Intelligence (AI) to develop innovative solutions.
This follows a series of strategic programs by the Ministry of Communications, Innovation & Digital Economy, aimed at harnessing the potential of AI to drive development, innovation, and well-being in Nigeria.
Up to N10 million for grab
According to a statement released by the NCAIR on Tuesday, the AI Fund is open to Nigerian-based startups that are focused on AI-driven technology solutions with the potential for significant impact.
Selected startups will receive up to N10 million in funding, along with access to Google’s extensive resources, including AI tools, mentorship, and a global network designed to help them scale their innovations.
The AI Fund is open to startups that:
- Are headquartered in Nigeria.
- Have at least one Nigerian founder.
- Focus on building AI-driven solutions with the potential to scale beyond the local market.
- Have a live product in the market, demonstrating early traction and product-market fit.
The applications, which opened on Tuesday, September 10, 2024, are expected to close on September 25, 2024. Qualified and interested startups can apply here.
What they are saying
Dr. ‘Bosun Tijani, Minister of Communications, Innovation and Digital Economy, emphasized the importance of this initiative saying:
“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.”
According to the National Coordinator of NCAIR, Dr. Bunmi Ajala, the partnership with Google is a reflection of their 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 program,” Ajala said.
Commenting on the initiative, West Africa Director at Google, Olumide Balogun, reiterated Google’s commitment:
“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.”
Google’s involvement in the AI Fund aligns with its broader AI commitments across Africa.
Recently, Google announced a new cohort for its Google for Startups Accelerator Africa program, focusing on building Africa-centric products and services using AI in transformative ways. The cohort includes five Nigerian startups, further demonstrating Google’s dedication to nurturing AI innovation on the continent.
What you should know
Earlier this year, the Communications Ministry held an Artificial Intelligence Strategy Workshop in April, bringing together key stakeholders to discuss the future of AI in Nigeria.
- This was followed by the release of the National AI Intelligence Strategy in August, which outlined the country’s roadmap for integrating AI into various sectors to enhance growth and societal well-being.
- The AI Fund came as a significant step in actualizing these plans, providing Nigerian startups with the necessary resources to innovate and scale their AI solutions.
- For ambitious startups in the AI space, this fund represents a unique opportunity to gain access to world-class resources, mentorship, and networks that can accelerate their growth and amplify their impact.
- By backing the brightest AI-driven ideas, NCAIR and Google are helping to cultivate a new wave of innovation that will not only solve critical challenges but also propel these startups to new heights within the global tech arena.