The Federal Government, in partnership with Google, has announced the launch of the AI Fund, a N100 million initiative aimed at supporting Nigerian startups leveraging artificial intelligence (AI) to develop innovative solutions.
The AI Fund is part of the Ministry of Communications, Innovation & Digital Economy’s strategic programs to harness the potential of AI to drive development, innovation, and well-being in Nigeria. The initiative will provide necessary resources for Nigerian startups to innovate and scale their AI solutions.
The launch of the AI Fund follows the Artificial Intelligence Strategy Workshop held in April and the release of the National AI Intelligence Strategy in August, which outlined Nigeria’s roadmap for integrating AI into various sectors.
The AI Fund is expected to have a positive impact on Nigeria’s startup ecosystem, driving innovation and entrepreneurship in the AI sector. Dr. ‘Bosun Tijani, the Minister of Communications, Innovation and Digital Economy, emphasized the importance of supporting homegrown innovation to address local challenges and contribute to economic growth.
Dr. Bunmi Ajala, the National Coordinator of NCAIR, highlighted the partnership with Google as a reflection of the shared vision for Nigeria’s technological advancement. The AI Fund is designed to empower Nigerian entrepreneurs with the resources they need to create impactful AI solutions.
Google’s West Africa Director, Olumide Balogun, reiterated the company’s commitment to supporting digital capabilities across Africa. Google will provide Nigerian startups with the tools, mentorship, and resources necessary to innovate and succeed on a global scale.
Startups eligible to apply for the AI Fund must be headquartered in Nigeria, have at least one Nigerian founder, focus on building AI-driven solutions with potential for scalability, and have a live product demonstrating early traction and product-market fit.
Selected startups will receive funding of up to N10 million, access to Google’s AI tools and mentorship, and opportunities for international exposure and connections to Google’s vast network.
Applications for the AI Fund opened on September 10, 2024, and will close on September 25, 2024. The selection process will be rigorous, focusing on identifying startups with innovative AI solutions and significant potential for impact and scalability. Successful applicants will be announced in October 2024, and the program will officially kick off shortly thereafter.
