FG, Google launches N100m AI fund to support startups

The federal government, through the National Centre for Artificial Intelligence and Robotics (NCAIR), has launched a N100 million AI Fund aimed at supporting Nigerian startups leveraging Artificial Intelligence (AI) to develop innovative solutions.

The initiative, backed by tech giant Google, is part of the Ministry of Communications, Innovation & Digital Economy’s strategic programs to harness the potential of AI for development, innovation, and well-being in Nigeria.

The AI Fund is open to Nigerian-based startups focused on AI-driven technology solutions with significant impact potential, NCAIR said on Tuesday.

Selected startups will receive up to N10 million in funding, along with access to Google’s extensive resources, including AI tools, mentorship, and a global network designed to help them scale their innovations.

To qualify, startups must be headquartered in Nigeria, have at least one Nigerian founder, focus on AI-driven solutions with global scalability, and have a live product in the market demonstrating early traction and product-market fit.

The applications, which opened on Tuesday, September 10, 2024, are expected to close on September 25, 2024. Qualified and interested startups can apply here.

Meanwhile, the Minister of Communications, Innovation and Digital Economy, Bosun Tijani, noted the importance of this initiative, saying, “The AI Fund is a critical step in nurturing homegrown innovation that addresses local challenges and contributes to economic growth.”

Tijani added that by supporting Nigerian startups, “we are not only investing in their success but also in the future of Nigeria’s digital economy.”

While NCAIR’s National Coordinator, Bunmi Ajala, says the partnership with Google reflects their 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 programme,” Ajala said.

The West Africa Director at Google, Olumide Balogun, also reiterated Google’s commitment, stating, “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.”