National Centre for Artificial Intelligence and Robotics (NCAIR), with support from Google, on Tuesday announced the launch of the 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.
Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, emphasised 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.”
National Coordinator of NCAIR, Dr. Bunmi Ajala, 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.”
West Africa Director, 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.”
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.
The AI Fund is open to startups that are headquartered in Nigeria and have at least one Nigerian founder.
Other criteria include that the startup must 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.
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.
Applications to the funding opened on Tuesday, September 10 and will close on Wednesday, September 25, 2024. Interested applicants should visit the Link: https://ncair.nitda.gov.ng/aifund/
The rigorous selection process will 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.
