Source: Thisday live
The National Centre for Artificial Intelligence and Robotics (NCAIR), in collaboration with Google, announced the launch of the AI Fund yesterday, a N100 million initiative aimed at supporting Nigerian startups utilizing Artificial Intelligence (AI) to develop innovative solutions.
This initiative is part of a broader effort by the Ministry of Communications, Innovation, and Digital Economy to harness AI’s potential for driving development, innovation, and societal progress in Nigeria.
Earlier this year, in April, the Ministry hosted the Artificial Intelligence Strategy Workshop, which brought together key stakeholders to discuss the future of AI in Nigeria. Following this, in August, the National AI Intelligence Strategy was released, providing a roadmap for integrating AI across various sectors to promote growth and improve societal well-being.
The AI Fund marks a major step toward realizing these plans by offering Nigerian startups the resources they need to innovate and scale AI-driven solutions.
The fund is open to Nigerian-based startups focused on AI technologies that have the potential to make a significant impact. Startups selected for the fund will receive up to N10 million in financial support and gain access to Google’s extensive resources, which include AI tools, mentorship, and a global network aimed at helping them expand their innovations.
Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, highlighted the significance of this initiative, stating: “The AI Fund is a vital move in fostering homegrown innovation that addresses local challenges while contributing to the economic development of Nigeria. By supporting startups, we are not only investing in their growth but also in the future of Nigeria’s digital economy.”
Dr. Bunmi Ajala, National Coordinator of NCAIR, also emphasized the collaborative nature of the project, saying, “Our partnership with Google underscores our shared vision for technological advancement in Nigeria. The AI Fund is designed to equip entrepreneurs with the resources they need to create impactful AI solutions. We are excited to witness the transformative innovations that will arise from this program.”
Olumide Balogun, West Africa Director at Google, reaffirmed Google’s commitment to the initiative, stating, “Google’s involvement in the AI Fund is part of our broader mission to enhance digital capabilities across Africa. We are dedicated to providing Nigerian startups with the tools, mentorship, and resources they need to innovate and succeed on a global scale.”
Google’s participation in the AI Fund aligns with its larger AI initiatives across Africa. Recently, Google launched a new cohort for its Google for Startups Accelerator Africa program, which focuses on developing Africa-centric products and services using AI in transformative ways. This cohort includes five Nigerian startups, further demonstrating Google’s ongoing dedication to AI innovation on the continent.
The AI Fund is available to startups headquartered in Nigeria, with at least one Nigerian founder, focusing on AI-driven solutions that have the potential to scale beyond the local market. These startups must have a live product in the market, demonstrating early success and product-market fit.
Applications for the AI Fund open on September 10, 2024, and will close on September 25, 2024. Interested startups can apply via https://ncair.nitda.gov.ng/aifund/.
The selection process will focus on identifying startups with innovative AI solutions and high potential for impact and scalability. Successful applicants will be announced in October 2024.
This fund represents a unique opportunity for Nigerian startups to access world-class resources, mentorship, and networks that can accelerate their growth and amplify their impact.
