The Federal Government and Google have announced a ₦100 million fund to support 10 Nigerian startups that use AI in their technological solutions. The goal is to foster AI innovation in Nigeria.
Dr. Bosun Tijani, Nigeria’s Minister of Communications, Innovation, and Digital Economy, announced the fund on Tuesday, September 10, 2024, with the goal of accelerating the country’s booming tech sector by discovering and funding AI startups with high-impact potential.
The National Centre for Artificial Intelligence and Robotics (NCAIR) will oversee the AI Fund, which is part of the President Bola Ahmed Tinubu administration’s larger effort to keep the country at the forefront of AI development.
According to Tijani, this program demonstrates the government’s stance that AI development necessitates strong public sector involvement in shaping policies that might affect both the corporate and public sectors.
“If we get it right in the public sector, it will permeate the private sector. With time, the adoption and deployment of AI will not only transform our national lives but will shape the future of things in our country,” Tijani stated.
The Nigerian government has also created a National Artificial Intelligence Strategy paper, which will influence future AI policies and direct government activities.
Google’s participation in the effort demonstrates the company’s commitment to Africa’s digital transformation and is consistent with its larger AI commitments in Africa.
The huge tech company recently announced the latest cohort for its Google for Startups Accelerator Africa program, which focusses on developing Africa-centric products and services with revolutionary AI capabilities. Five of the ten firms selected for the new cohort are from Nigeria.
Google’s West Africa Director, Olumide Balogun, says the company’s involvement in the AI Fund is part of a broader strategy to enhance digital capabilities in Nigeria and across Africa.
Ten selected startups will receive ₦10 million in cash, access to Google’s AI tools, mentorship, and a worldwide network of experts and partners to help scale their discoveries.
To be considered, interested startups must be established in Nigeria, have at least one Nigerian founder, and focus on AI-powered products with the potential to scale beyond the local market. Applicants are also expected to have a product that has proved market success.
Applications will be accepted for two weeks, beginning on Tuesday, September 10, and ending on September 25, 2024. The recipients will be announced in October, following a comprehensive screening procedure.
For additional information or to apply, please visit the website.
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