The federal government has opened applications for a N100 million AI Fund supported by tech giant, Google.
The fund initiative is aimed at supporting Nigerian startups that are leveraging Artificial Intelligence (AI) to develop innovative solutions.
The opening of applications follows a series of strategic programmes by the Ministry of Communications, Innovation & Digital Economy, aimed at harnessing the potential of AI to drive development, innovation, and well-being in Nigeria.
National Centre for Artificial Intelligence and Robotics (NCAIR), said in a statement on Tuesday that the AI Fund is open to Nigerian-based startups that are focused on AI-driven technology solutions with the potential for significant impact.
It said selected startups would 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, the statement indicated, 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, and 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.
Minister of Communications, Innovation and Digital Economy, Dr. ‘Bosun Tijani, emphasised 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.”
