The National Centre for Artificial Intelligence and Robotics (NCAIR), with the backing of Google, has launched the AI Fund, a ₦100 million initiative aimed at fostering innovation among Nigerian startups utilizing Artificial Intelligence (AI).
The fund seeks to support emerging businesses developing AI-driven solutions with the potential for substantial impact, further advancing Nigeria’s digital economy.
This initiative follows strategic efforts by the Ministry of Communications, Innovation & Digital Economy, which earlier this year organized the Artificial Intelligence Strategy Workshop in April and released the National AI Intelligence Strategy in August. Both initiatives laid the groundwork for integrating AI into various sectors to drive growth, innovation, and societal well-being in Nigeria.
The AI Fund is designed to provide financial backing of up to ₦10 million for selected startups, along with access to Google’s extensive resources, including AI tools, mentorship, and a global network to scale their innovations.
Speaking on the launch, Dr. ‘Bosun Tijani, Minister of Communications, Innovation and Digital Economy, highlighted the importance of the fund: “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, underscored the significance of the partnership with Google: “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 at Google, reiterated the company’s commitment to enhancing Africa’s digital capabilities: “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.”
The AI Fund complements Google’s broader initiatives in Africa, including the Google for Startups Accelerator Africa program, which recently announced its newest cohort featuring five Nigerian startups, further demonstrating Google’s dedication to fostering AI innovation on the continent.
Eligibility and Benefits of the AI Fund
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.
Selected startups will benefit from:
- 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 extensive network.
Application Process
- Applications Open: September 10, 2024
- Applications Close: September 25, 2024
- Application Link: ncair.nitda.gov.ng/aifund
Successful applicants will be announced in October 2024, with the program officially starting shortly thereafter.
The ₦100 million AI Fund presents a significant opportunity for Nigerian startups, providing access to world-class resources that can propel their AI-driven innovations forward.
By empowering the brightest minds in AI, NCAIR and Google are fostering a new wave of technological advancements that have the potential to tackle critical challenges and establish Nigeria as a leader in AI innovation on the global stage.
