In a significant step towards fostering innovation and technological advancement, the Nigerian government and Google have jointly launched the AI Fund, a N100 million initiative aimed at supporting local startups leveraging artificial intelligence (AI).
The fund, announced on Tuesday, is a collaborative effort between the National Centre for Artificial Intelligence and Robotics (NCAIR) and Google. It aligns with the Ministry of Communications, Innovation & Digital Economy’s strategic programs to harness AI’s potential for economic growth and societal development.
The AI Fund will provide essential resources, including funding, mentorship, and access to Google’s AI tools, to Nigerian startups developing innovative AI-driven solutions. This initiative is a direct outcome of the Artificial Intelligence Strategy Workshop held in April and the subsequent release of the National AI Intelligence Strategy in August.
Dr. ‘Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, emphasised the importance of this fund in nurturing homegrown innovation. “By supporting our startups, we are not only investing in their success but also in the future of Nigeria’s digital economy,” he stated.
Dr. Bunmi Ajala, National Coordinator of NCAIR, highlighted the partnership with Google as a reflection of their 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,” she said.
Olumide Balogun, West Africa Director at Google, reiterated Google’s commitment to supporting 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,” he noted.
Eligibility and Benefits
To be eligible for the AI Fund, startups must be headquartered in Nigeria, have at least one Nigerian founder, focus on building AI-driven solutions with potential for scalability, and demonstrate early traction and product-market fit.
Selected startups will receive funding of up to N10 million, access to Google’s AI tools, mentorship from Google engineers, and opportunities for international exposure and connections to Google’s vast network.
Application Process
Applications for the AI Fund opened on September 10, 2024, and will close on September 25, 2024. The selection process will be rigorous, focussing on identifying startups with innovative AI solutions and the potential for significant impact and scalability. Successful applicants will be announced in October 2024, with the program officially kicking off shortly thereafter.