FG invites submissions for Google-backed N100 million AI Fund
The National Centre for Artificial Intelligence and Robotics (NCAIR), a branch of the federal government, is now accepting applications for its N100 million AI Fund.
Supported by tech giant Google, the program aims to assist Nigerian companies using artificial intelligence (AI) to create creative solutions.
This comes after the Ministry of Communications, Innovation & Digital Economy launched a number of strategic initiatives to maximize AI’s potential to promote innovation, development, and well-being in Nigeria.
N10 million is up for grabs.
The AI Fund is available to Nigerian-based firms who are concentrating on AI-driven technological solutions with the potential to have a big effect, according to a statement issued by the NCAIR on Tuesday.
Selected businesses will gain access to Google’s vast resources, such as AI technologies, coaching, and a global network aimed at assisting them in scaling their discoveries, in addition to receiving up to N10 million in cash.
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 the potential to scale beyond the local market.
- Have a live product in the market, demonstrating early traction and product-market fit.
The deadline for applications is scheduled for September 25, 2024, having opened on Tuesday, September 10, 2024. Startups that are interested and qualified can apply here.
What they’re expressing
The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, highlighted the significance of this project by stating:
“The AI Fund is a critical step in nurturing homegrown innovation that addresses local challenges and contributes to economic growth. By supporting our startups, we are not only investing in their success but also in the future of Nigeria’s digital economy.”
Dr. Bunmi Ajala, National Coordinator of NCAIR, said the collaboration with Google reflects their common goal of advancing technology in Nigeria.
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,” Ajala said.
Google’s West Africa Director, Olumide Balogun, commented on the program and reaffirmed Google’s commitment:
“Google’s goal to improve digital capabilities throughout Africa includes supporting the AI Fund. We are dedicated to giving Nigerian entrepreneurs the instruments, resources, and guidance they require in order to innovate and flourish internationally.
Google’s participation in the AI Fund is consistent with their larger commitments to AI throughout Africa.
Google recently revealed the details of a new cohort for its Google for Startups Accelerator Africa program, which focuses on leveraging AI to transformatively build products and services with an African focus. Google’s commitment to fostering AI innovation in Africa is further evidenced by the inclusion of five Nigerian firms in the cohort.
Things to be aware about
Key stakeholders convened at the Communications Ministry’s Artificial Intelligence Strategy Workshop in April of this year to deliberate on the prospects for AI in Nigeria.
- This was followed by the release of the National AI Intelligence Strategy in August, which outlined the country’s roadmap for integrating AI into various sectors to enhance growth and societal well-being.
- The AI Fund came as a significant step in actualizing these plans, providing Nigerian startups with the necessary resources to innovate and scale their AI solutions.
- For ambitious startups in the AI space, this fund represents a unique opportunity to gain access to world-class resources, mentorship, and networks that can accelerate their growth and amplify their impact.
- By backing the brightest AI-driven ideas, NCAIR and Google are helping to cultivate a new wave of innovation that will not only solve critical challenges but also propel these startups to new heights within the global tech arena.
