Through the National Centre for Artificial Intelligence and Robotics (NCAIR) and in partnership with Google, the Nigerian government has launched the AI Fund, a N100 million initiative to support Nigerian startups developing innovative solutions using Artificial Intelligence (AI).
This initiative is part of the Ministry of Communications, Innovation & Digital Economy’s strategy to harness AI for national development and economic growth. It is designed to provide startups with the resources they need to develop and scale AI-driven solutions, according to a statement from Google.
The launch comes after the Artificial Intelligence Strategy Workshop held in April and the release of Nigeria’s National AI Intelligence Strategy in August, which laid out the country’s plans to integrate AI across various sectors to boost innovation and societal well-being.
The AI Fund is expected to strengthen Nigeria’s startup ecosystem by driving AI-powered entrepreneurship and innovation. Minister of Communications, Innovation and Digital Economy, Dr. ‘Bosun Tijani, emphasized the importance of this initiative, stating, “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 investing in the future of Nigeria’s digital economy.”
Dr. Bunmi Ajala, National Coordinator of NCAIR, highlighted the collaboration with Google, noting, “Our partnership with Google reflects our shared vision for Nigeria’s technological advancement. The AI Fund is designed to empower entrepreneurs with the resources needed to create impactful AI solutions, and we are excited about the innovations that will emerge.”
Olumide Balogun, Google’s West Africa Director, reinforced Google’s commitment to digital growth in Africa. “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 succeed on a global stage,” Balogun said.
Startups eligible for the AI Fund must be based in Nigeria, have at least one Nigerian founder, and be focused on creating AI-driven solutions with the potential to scale globally. They must also have a live product that shows early traction and product-market fit.
Selected startups will receive up to N10 million in funding, access to Google’s AI tools, mentorship from Google engineers, and opportunities for international exposure through Google’s vast network. Applications for the AI Fund opened on September 10, 2024, and will close on September 25, 2024.
