The Nigerian government, in partnership with Google, has launched a ₦100 million fund aimed at supporting 10 Nigerian startups leveraging Artificial Intelligence (AI) to develop innovative solutions and technology products.
This was announced on Tuesday, September 10, by Nigeria’s Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, who stated that the fund is aimed at supporting Nigerian startups leveraging AI to build innovative solutions.
It would be recalled that in April, as part of the Nigerian government’s efforts to drive AI development in the country, it announced the launch of its first multilingual Large Language Model (LLM), following an initial draft of a National AI Strategy.
The draft was the outcome of the Ministry’s Artificial Intelligence Strategy Workshop, which brought together key stakeholders to discuss the future of AI in Nigeria.
The new N100m Fund will provide up to N10 million in funding, access to technical expertise and resources, mentorship and global network for successful startups.
Nigeria is said to have the highest number of startups in Africa, according to a 2022 estimate by Statista.
According to the Minister, the Fund will be coordinated by the National Centre for Artificial Intelligence and Robotics (NCAIR), with support from Google, yesterday, announced the launch of the AI Fund.
“The AI Fund, which will be coordinated by NCAIR Nigeria, is a critical step in taking advantage of future technologies to develop homegrown innovation that addresses local challenges, accelerates economic growth, and contributes significantly to the development of the global technology ecosystem.
“By supporting our startups, we are not only investing in their success, but also in the future of Nigeria’s digital economy,” Tijani stated on his post on X.
“By fostering the development of Artificial Intelligence in Nigeria, we aim to: Address local challenges with AI solutions, drive job creation and economic growth, establish Nigeria as a competitor in the African and Global AI landscape,” the NCAI stated.
Eligible startups can apply for the fund here.
