FG Launches N100 Million AI Fund Backed by Google to Boost Nigerian Startups

The Federal Government, through the National Centre for Artificial Intelligence and Robotics (NCAIR), has officially opened applications for the highly anticipated N100 million Artificial Intelligence (AI) Fund. This initiative, launched in collaboration with Google, aims to support Nigerian startups that are utilizing AI technology to create groundbreaking solutions with the potential for global impact.

Empowering AI Startups

In a statement released by the NCAIR on Tuesday, September 10, 2024, the AI Fund offers Nigerian-based startups up to N10 million in funding. This financial boost is complemented by access to Google’s vast AI tools, mentorship opportunities, and a global network that can significantly enhance the startups’ ability to scale their innovations.

The AI Fund targets startups that meet specific criteria, including:

• Must be headquartered in Nigeria.
• Must have at least one Nigerian founder.
• Must focus on developing AI-driven solutions that show promise of scaling beyond the local market.
• Must have a live product already in the market, demonstrating early traction and product-market fit.

Startups that meet these requirements are invited to apply from September 10 to September 25, 2024.

Strategic Focus on AI for Growth

Dr. ‘Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, expressed the government’s vision for this initiative, highlighting the pivotal role of AI in Nigeria’s economic development.

“The AI Fund represents a critical step toward nurturing homegrown innovation that can address local challenges while contributing to the broader economic landscape. By investing in our startups, we are investing in the future of Nigeria’s digital economy,” said Dr. Tijani.

Dr. Bunmi Ajala, National Coordinator of NCAIR, echoed this sentiment, emphasizing the transformative power of AI and the partnership with Google. “We are committed to empowering our entrepreneurs with the tools and resources they need to create impactful AI solutions. The innovations that emerge from this program will undoubtedly shape the future of our tech ecosystem.”

Google’s Commitment to African Innovation

Olumide Balogun, Google’s West Africa Director, emphasized the tech giant’s dedication to fostering AI-driven innovation in Africa. “Google’s support for the AI Fund is part of our broader mission to enhance digital capabilities across Africa. We are excited to provide Nigerian startups with the tools, mentorship, and global networks they need to succeed,” he stated.

Google’s involvement in the AI Fund aligns with its broader commitment to the African tech landscape. Recently, the company announced a new cohort for its Google for Startups Accelerator Africa program, focusing on AI-powered innovations from across the continent. This further reinforces Google’s dedication to supporting Nigerian and African entrepreneurs as they develop transformative solutions using AI.

Driving AI Innovation in Nigeria

The launch of the N100 million AI Fund is part of a larger effort by the Nigerian government to position the country as a leader in AI-driven development. Earlier this year, in April 2024, the Ministry of Communications held an Artificial Intelligence Strategy Workshop, which brought together key stakeholders to discuss the future of AI in Nigeria.

Following this, the National AI Intelligence Strategy was released in August 2024, providing a roadmap for integrating AI into various sectors to spur economic growth and improve societal well-being. The AI Fund is a critical component of these efforts, offering Nigerian startups the support they need to scale their AI solutions and make a significant impact on both local and global markets.

Application Process and Timeline

Nigerian startups interested in applying for the N100 million AI Fund can do so from September 10, 2024, until the deadline on September 25, 2024. This fund represents a unique opportunity for ambitious AI-driven startups to gain access to world-class resources, including funding, mentorship, and Google’s AI tools, all designed to accelerate their growth and elevate their innovations to the global stage.

The AI Fund is poised to back the brightest minds in Nigeria, enabling them to solve critical challenges, drive innovation, and scale their businesses to new heights.

For more information and to apply for the AI Fund, visit the official application page here.

Conclusion

The N100 million AI Fund backed by Google is a game-changing opportunity for Nigerian startups looking to leverage AI to drive innovation and development. With the government’s commitment to nurturing tech-driven solutions and Google’s unwavering support, this initiative is set to elevate Nigeria’s position in the global AI ecosystem. Startups are encouraged to take full advantage of this opportunity to make their mark on the future of AI in Africa.

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