Nigeria Federal Government, through its National Centre for Artificial Intelligence and Robotics (NCAIR), has announced an exciting new initiative: the launch of a N100 million AI Fund. This fund is being introduced in collaboration with Google to support innovative Nigerian startups that are working with Artificial Intelligence (AI). This significant financial and resource support aims to boost AI-driven solutions across various sectors.

Purpose of the AI Fund

The primary goal of the AI Fund is to support Nigerian startups that are utilizing AI technology to develop creative and impactful solutions. This initiative is set to provide substantial backing for businesses that are pushing the boundaries of AI and technology. The fund will offer financial support of up to N10 million to selected startups. In addition to the financial aid, chosen startups will gain access to Google’s cutting-edge AI tools, mentorship from industry experts, and the opportunity to tap into a global network of professionals.

Statements from Key Officials

Minister of Communications, Innovation, and Digital Economy

Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, emphasized the significance of this initiative. He remarked, “The AI Fund represents a crucial step in nurturing homegrown innovation and accelerating the growth of Nigeria’s digital economy. By providing support to our startups, we are not just fostering innovation; we are making a vital investment in the future of our nation.” Dr. Tijani’s statement highlights the government’s commitment to advancing Nigeria’s technology sector and encouraging local innovation.

National Coordinator of NCAIR

Dr. Olubunmi Ajala, the National Coordinator of NCAIR, expressed enthusiasm about the collaboration with Google. He stated, “Our partnership with Google reflects our shared vision for the technological advancement of Nigeria. The AI Fund is crafted to empower our entrepreneurs by equipping them with the necessary resources to create impactful AI solutions. We eagerly anticipate seeing the transformative innovations that will arise from this program.” Dr. Ajala’s comments underscore the collaborative nature of the initiative and its potential to drive meaningful change.

West Africa Director, Google

Olumide Balogun, the West Africa Director at Google, also shared his perspective. He noted, “Google’s involvement in 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.” Balogun’s statement illustrates Google’s dedication to supporting technological advancements in Nigeria and broader Africa.

Eligibility Criteria for Startups

To qualify for the AI Fund, startups must meet specific criteria:

• Headquarters: The startup must be based in Nigeria.
• Founders: The startup must have at least one Nigerian founder.
• Focus: The startup should be centered on developing scalable AI-driven solutions.
• Product: The startup must have a live product that demonstrates early traction and market fit.

These criteria ensure that the fund supports startups with a solid foundation and the potential for significant impact in the AI sector.

Application Process

Interested startups can apply for the AI Fund through an online application process. The selection will involve a rigorous evaluation to identify promising startups that not only offer innovative AI solutions but also show potential for significant impact and scalability. The application process is designed to be thorough to ensure that the most deserving startups receive support.

Timeline and Next Steps

Applications for the AI Fund are currently being accepted. The selection process will conclude with the announcement of successful applicants in October 2024. Following this, the AI Fund program will officially commence. This timeline allows startups ample time to prepare their applications and demonstrates the program’s commitment to timely and effective support for innovative ventures.

The N100 million AI Fund, launched by the Federal Government and Google, represents a significant opportunity for Nigerian startups working in AI technology. With substantial financial support, access to advanced tools, and expert mentorship, this initiative aims to foster innovation and drive the growth of Nigeria’s digital economy. The collaborative effort between the government and Google reflects a shared vision of advancing technological capabilities and creating impactful solutions that can compete on a global stage. Startups that meet the eligibility criteria are encouraged to apply and take advantage of this transformative opportunity.