Why you should pay attention to this new story:
- Nigerian Tech on the Rise: This initiative highlights the growing prominence of Nigeria’s tech ecosystem and its potential to become a global AI hub.
- Supporting Homegrown Innovation: The fund underscores the importance of supporting local talent and fostering innovation within Nigeria.
- AI for Social Good: The fund seeks to support startups developing AI solutions to address critical challenges in healthcare, education, finance, and other key sectors.
- Economic Growth and Job Creation: By investing in AI startups, the fund aims to contribute to economic growth and job creation in Nigeria.
The National Centre for Artificial Intelligence and Robotics (NCAIR), with support from Google, Tuesday launched an AI Fund, a ₦100 million initiative aimed at supporting Nigerian startups that are leveraging Artificial Intelligence (AI) to develop innovative solutions.
This initiative 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.
Earlier this year, the Ministry held the 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 is a significant step in actualizing these plans, providing Nigerian startups with the necessary resources to innovate 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 ₦10 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.
Dr. ‘Bosun Tijani, minister of Communications, Innovation and Digital Economy, emphasized the importance of this initiative:
“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.”
Dr. 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 program.”
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 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.
Who Can Apply: 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.
Benefits of the AI Fund: Selected startups will receive:
- Funding: Up to ₦10 million to accelerate their growth.
- Technical Expertise: Access to Google’s AI tools and mentorship from Google engineers.
- Global Network: Opportunities for international exposure and connections to Google’s vast network.
Application Details:
- Applications Open: September 10, 2024
- Applications Close: September 25, 2024
- Application Link here.
The selection process will be rigorous, with a focus on identifying startups that not only have innovative AI solutions but also the potential for significant impact and scalability. Successful applicants will be announced in October 2024, with the program officially kicking off shortly thereafter.
The 100M Naira AI Fund provides an opportunity for the Nigerian startup ecosystem. 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.
