By Modupe Gbadeyanka
A million initiative aimed at supporting Nigerian startups that are leveraging Artificial Intelligence (AI) to develop innovative solutions has been launched by the National Centre for Artificial Intelligence and Robotics (NCAIR).
The N100 million AI fund was put together in collaboration with Google and is open to Nigerian-based startups that are focused on AI-driven technology solutions with the potential for significant impact.
Selected small businesses 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.
However, applicants must have their firms 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.
They are required to send their entries from September 10 to 25, 2024, through https://ncair.nitda.gov.ng/aifund/.
It was gathered that this programme followed a series of strategic schemes by the Ministry of Communications, Innovation & Digital Economy aimed at harnessing the potential of AI to drive development, innovation, and well-being in Nigeria.
In April, the Ministry held the Artificial Intelligence Strategy Workshop, bringing together key stakeholders to discuss the future of 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 is a significant step in actualizing these plans, providing Nigerian startups with the necessary resources to innovate and scale their AI solutions.
“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,” the Minister of Communications, Innovation and Digital Economy, Mr ‘Bosun Tijani, stated.
Also commenting, the National Coordinator of NCAIR, Mr Bunmi Ajala, said, “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.”
On his part, the West Africa Director for Google, Mr Olumide Balogun, said, “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.”
Adedapo Adesanya
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