FG announces ₦100M AI Fund for Nigerian startups in partnership with Google

On Tuesday, September 10, 2024, the Minister of Communication, Innovation and Digital Economy, Dr Bosun Tijani, announced a ₦100 million fund for AI startups in Nigeria.

The AI fund, coordinated by the National Centre for Artificial Intelligence and Robotics (NCAIR), which is in collaboration with Google, will run for the next few weeks and the recipients will be announced in October, after a selection process that will be rigorous, with a focus on identifying startups that not only have innovative AI solutions but also the potential for significant impact and scalability.

“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,” Olumide Balogun, West Africa Director, Google, reiterated Google’s commitment.

There will be 10 recipients of the fund who will each receive ₦10 million along with access to Google’s extensive resources, including AI tools, mentorship, and a global network designed to help them scale their innovations.

The AI Fund is open to Nigerian-based startups focused on AI-driven technology solutions with the potential for significant impact, Google said in a statement.

The Minister, Dr. Tijani, emphasised the importance of this initiative:

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, highlighted the collaborative effort: “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.”

Who can apply? 

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 potential to scale beyond the local market.
• Have a live product in the market, demonstrating early traction and product-market fit.

Benefits of the AI Fund: 

Selected startups will receive:

• Funding: Up to ₦10 million to accelerate their growth.
• Technical Expertise: Access to Google’s AI tools and mentorship from Google engineers.
• Global Network: Opportunities for international exposure and connections to Google’s vast network.

Application Details:

Applications Open: September 10, 2024

Applications Close: September 25, 2024

To apply for the fund, startups can visit the NCAIR website here.

Google’s involvement in the AI Fund aligns with its broader AI commitments across Africa. Recently, Google announced a new cohort for its Google for Startups Accelerator Africa program, 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.

The ₦100 million AI Fund provides an opportunity for the Nigerian startup ecosystem.

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.

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