The Federal Government has announced the launch of a N100 million AI Fund.
The initiative through the National Centre for Artificial Intelligence and Robotics (NCAIR) in collaboration with Google is aimed to support Nigerian startups that are leveraging Artificial Intelligence, AI to develop innovative solutions across various sectors.
The fund will provide up to N10 million in funding to selected startups, along with access to Google’s AI tools, mentorship, and global network.
The Minister of Communication, Innovation and Digital Economy, Bosun Tijani disclosed this on Tuesday, September 10, 2024.
He said; “The AI Fund is a significant step in nurturing homegrown innovation and driving the growth of Nigeria’s digital economy. By supporting our startups, we are investing in the future of our nation.”
The AI Fund is open to Nigerian-based startups that are focused on AI-driven technology solutions with the potential for significant impact. Applications are now being accepted, and the recipients will be announced in October.
National Coordinator of NCAIR, Dr. Bunmi Ajala, highlighted the collaborative effort: “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.”
Also, the West Africa Director, Google, Olumide Balogun, reiterated Google’s commitment: “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 seeks applications from Nigerian startups that meet the following criteria: startups with their headquarters in Nigeria, it must have at least one Nigerian founder, focus on developing scalable AI-driven solutions and possess a live product demonstrating early traction and market fit.
Interested startups can apply through the link as a rigorous selection process will identify promising startups with not only innovative AI solutions but also the potential for significant impact and scalability.
Successful applicants will be announced in October 2024, with the programme officially commencing shortly thereafter.
Who can apply?
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 potential to scale beyond the local market.
Have a live product in the market, demonstrating early traction and product-market fit.
Benefits of the AI Fund:
Selected startups will receive:
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 vast network.
Application Details:
Applications Open: September 10, 2024
Applications Close: September 25, 2024
To apply for the fund,
startups can visit the NCAIR website here.
