Federal Gov’t, Google Unveil N100m AI Fund To Empower Startups

The federal government, through the National Centre for Artificial Intelligence and Robotics (NCAIR), has announced the launch of the N100 million AI Fund to support Nigerian startups that are leveraging Artificial Intelligence (AI) to develop innovative solutions.

This initiative follows series of strategic programmes by the Ministry of Communications, Innovation & Digital Economy, targeted 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 where it brought key stakeholders together 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 Fund is a significant step in actualising 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 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.

Minister of Communications, Innovation and Digital Economy, Dr. ‘Bosun Tijani, who made the announcement at the Global Inclusivity and AI: Africa, conference, on Tuesday, in Lagos, emphasised the importance of this initiative.

“The AI Fund is a critical step in nurturing home-grown 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. Tijani said.

National Coordinator of NCAIR, Dr. Bunmi Ajala, highlighted the collaborative effort, adding that, “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.”

Google’s West Africa Director, Olumide Balogun, reiterated Google’s commitment, even as he averred that “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 programme, 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; have at least one Nigerian founder; 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.

Selected startups will receive up to N10 million to accelerate their growth, gain access to Google’s AI tools and mentorship from Google engineers and opportunities for international exposure and connections to Google’s vast network.

Applications open from September 10, 2024 and close September 25, 2024

The N100 million 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.