The news:
- The Federal Government, in collaboration with Google, has launched a ₦100 million fund to empower 10 Nigerian startups using AI in their technology products to drive Artificial Intelligence (AI) innovation in Nigeria.
- Announced by Dr Bosun Tijani, the nation’s Minister of Communications, Innovation, and Digital Economy, on Tuesday, September 10, 2024, the fund is expected to accelerate Nigeria’s burgeoning tech ecosystem by identifying and supporting AI startups with high-impact potential.
- The National Centre for Artificial Intelligence and Robotics (NCAIR) will coordinate the AI Fund, which is part of the President Bola Ahmed Tinubu-led administration’s broader push to ensure the country remains at the forefront of AI innovation.
According to Tijani, this initiative highlights the government”s belief that AI development requires active public sector involvement to shape policies that can influence both the private and public sectors.
“If we get it right in the public sector, it will permeate the private sector. With time, the adoption and deployment of AI will not only transform our national lives but will shape the future of things in our country,” Tijani stated.
The Nigerian government has also drafted a National Artificial Intelligence Strategy document, which is expected to shape future AI policy and guide government efforts.
Google’s involvement in the initiative reinforces its commitment to Africa’s digital transformation and aligns with its broader AI commitments across Africa.
Recently, the big tech announced its latest cohort for its Google for Startups Accelerator Africa program, focusing on building Africa-centric products and services using AI in transformative ways. The new cohort includes five Nigerian startups, out of the 10 selected.
According to Olumide Balogun, Google’s West Africa Director, the company’s involvement in the AI Fund is part of a broader strategy to enhance digital capabilities in Nigeria and across Africa.
10 startups will be selected and each will receive ₦10 million in funding, access to Google’s AI tools, mentorship, and a global network of experts and partners to help scale their innovations.
To be eligible, interested startups must be based in Nigeria, have at least one Nigerian founder, and focus on AI-driven solutions that have the potential to scale beyond the local market. Applicants are also expected to have a product with demonstrated market traction.
Applications will run for 2 weeks, opening on Tuesday, September 10 and closing on September 25, 2024. Recipients will be announced in October, following a rigorous selection process.
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