The National Centre for Artificial Intelligence and Robotics (NCAIR) in partnership with Google have announced the launch of an N100 million Artificial Intelligence Fund (AI Fund) initiative.
The Director, of Google, West Africa, Olumide Balogun, said this in a statement made available to newsmen on Tuesday in Lagos.
Balogun said that the initiative was aimed at supporting Nigerian startups that were leveraging Artificial Intelligence (AI) to develop innovative solutions.
He said that the initiative followed a series of strategic programs by the Ministry of Communications, Innovation and Digital Economy.
According to him, the programs aim at harnessing the potential of AI to drive development, innovation and wellbeing in Nigeria.
He said Google’s support for the AI Fund was part of its broader mission to enhance digital capabilities across Africa.
According to him, Google is committed to providing Nigerian startups with the tools, mentorship and resources they need to innovate and succeed on a global stage.
“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 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,’’ Balogun said.
He noted that the Ministry of Communication, Innovation and Digital Economy held an Artificial Intelligence Strategy Workshop in April, bringing together key stakeholders to discuss the future of AI in Nigeria.
The Google director said that the workshop was followed by release of the National AI Intelligence Strategy in August, outlining the country’s roadmap for integrating AI into various sectors to enhance growth and societal well-being.
He said that the AI Fund was a significant step in actualising these plans and providing Nigerian startups with the necessary resources to innovate and scale their AI solutions.
The director said that the Fund was open to Nigeria-based startups that focused on AI-driven technology solutions with the potential for significant impact.
According to him, selected startups will receive up to N10 million in funding along with access to Google’s extensive resources.
He explained that the Google resources included AI tools, mentorship and a global network designed to help them scale their innovations.
He said that the N100m Fund provided an opportunity for the Nigerian startup ecosystem.
“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.
“By backing the brightest AI-driven ideas, NCAIR and Google are helping to cultivate a new wave of innovation.
“Innovations that will not only solve critical challenges but also propel these startups to new heights within the global tech arena,” the Google boss stressed.
The Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, also emphasised the importance of the initiative.
He said that the Fund was a critical step in nurturing homegrown innovation that addressed local challenges and contributed 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,” Tijani said.
National Coordinator of NCAIR, Dr. Bunmi Ajala, said that the partnership with Google was a reflection of their shared vision for Nigeria’s technological advancement.
Ajala said that the Fund was designed to empower entrepreneurs with the resources they needed to create impactful AI solutions.
He said that NCAIR was excited to see the transformative innovations that would emerge from the programme.
The Fund is open to startups headquartered in Nigeria, with at least one Nigerian Founder.
The startups must be focused on building AI-driven solutions with the potential to scale beyond the local market among others.
NAN
