Business a.m.
Nigeria’s National Centre for Artificial Intelligence and Robotics (NCAIR), with the support of Google, has announced the launch of the AI Fund, a N100 million initiative aimed at supporting Nigerian startups that are utilising Artificial Intelligence (AI) in their development of innovative solutions.
This initiative 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.
Building on the momentum of the Artificial Intelligence Strategy Workshop, held in April this year, and the release of the National AI Intelligence Strategy in August, the Ministry has taken a major step forward in the implementation of its vision for AI-driven growth and societal well-being in Nigeria.
With the launch of the N100 million AI initiative, Nigerian startups now have access to critical resources to enhance their AI-based innovations and scale their AI solutions.
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.
Bosun Tijani, minister of communications, innovation and digital economy, emphasised the importance of the initiative, stating: “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.”
Bunmi Ajala, national coordinator of NCAIR, highlighted the collaborative effort. “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,” Ajala remarked.
Olumide Balogun, West Africa Director, Google, 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 participation in the AI Fund further solidifies the tech giant’s commitment to promoting AI innovation across Africa. This initiative follows on the heels of the recent Google for Startups Accelerator Africa programme, which saw a new cohort of five Nigerian startups join the program with a focus on using AI to develop products and services tailored to the African market.
The AI fund is specifically targeted at Nigerian-based startups that are led by at least one Nigerian founder and are building AI-driven solutions with the potential to expand beyond the local market.
Startups eligible for the fund must have a live product in the market and be able to demonstrate early traction and product-market fit, with the potential to make a substantial impact and contribute to the growth of the AI space in Nigeria and beyond.
Startups selected for the AI Fund will benefit from a range of resources and opportunities, including:
- Funding of up to N10 million to catalyse their growth and innovation.
- Technical expertise and access to Google’s AI tools, empowering them to leverage the latest advancements in AI technology.
- Mentorship from Google engineers, providing valuable guidance and support in navigating the challenges of scaling their AI-driven solutions.
- A global network of connections, opening doors to international exposure and access to Google’s extensive network of partners, investors, and collaborators.
The AI Fund application window opened on September 10, 2024, and will close on September 25, 2024, allowing interested startups to submit their applications through the official link: https://ncair.nitda.gov.ng/aifund/.
