Government opens applications for N100m AI Fund backed by Google

The Federal Government through the National Centre for Artificial Intelligence and Robotics (NCAIR) has opened applications for a N100 million AI Fund.

Backed by Google, the FG is targeting Nigerian startups that are leveraging AI to develop innovative solutions.

Besides, this initiative follows a series of strategic programmes by the Ministry of Communications, Innovation & Digital Economy, aimed at harnessing the potential of AI to drive development, innovation, and well-being in Nigeria.

According to NCAIR, yesterday, in a statement, the AI Fund is open to Nigerian-based startups that are focused on AI-driven technology solutions with the potential for significant impact.

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.

Criteria to access the AI Fund by startups include that they must be headquartered in Nigeria, have at least one Nigerian founder, focus on building AI-driven solutions with the potential to scale beyond the local market and have a live product in the market, demonstrating early traction and product-market fit.

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

The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, emphasised 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. By supporting our startups, we are not only investing in their success but also the future of Nigeria’s digital economy.”

According to the National Coordinator of NCAIR, Dr Bunmi Ajala, 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.

On his part, West Africa Director at Google, Olumide Balogun, reiterated Google’s commitment, saying “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.”

According to him, Google’s involvement in the AI Fund aligns with its broader AI commitments across Africa.

Recall that Google announced a new cohort for its Google for Startups Accelerator Africa programme, focusing on building Africa-centric products and services using AI in transformative ways. The cohort includes five Nigerian startups, further demonstrating Google’s dedication to nurturing AI innovation on the continent.