FG Announces N100 million AI Fund

The Federal Government has announced a N100 million AI Fund to support Nigerian startups in the AI ecosystem.

The Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, made the announcement at a two-day Global Inclusivity and AI Africa conference hosted by the US Department of State in partnership with the Nigerian government.

Mr Tijani said the fund, developed in a collaboration between the National Centre for Artificial Intelligence and Robotics (NCAIR) and Google, represents a commitment to nurturing the next generation of AI-driven solutions in Nigeria.

“The fund from Google is going to start first by funding 10 innovative ideas to build the technology solutions that will put into use artificial intelligence to help the critical sectors in the country,” the minister said.

“Selected startups 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,” the minister wrote in an X post on Tuesday.

In the pursuit of solving traditional development challenges and unlocking new growth opportunities, Mr Tijani called for collaboration and inclusivity to harness AI fully in Nigeria and Africa.

“AI is not just another technology trend but a significant catalyst for change. It can potentially revolutionise healthcare by diagnosing diseases more accurately than ever before.

“It can transform education by personalizing learning experiences, it can bridge the gap in financial inclusion through innovative fintech solutions and it can enhance governance by making public services more efficient and accessible,” he added.

Harnessing the potential of Artificial Intelligence to achieve Africa’s developmental aspirations in education, health, agriculture, infrastructure, good governance, and security was the key focus of the two-day conference.

Industry leaders, policymakers, entrepreneurs, academics, and government officials across Africa and the United States strategised on how AI could be utilised to create innovative solutions, drive inclusive growth, and achieve all-round development.

Kurt Campbell, the United States Deputy Secretary of State, emphasized Africa’s growing importance in the global technology landscape. He said AI can work for Africa by developing human capital, strengthening research and innovation ecosystems, and building an AI-ready institutional and regulatory environment.

“AI can play a significant role in achieving the sustainable development goals in Africa, offering solutions to some of the most pressing challenges of today. We aim to foster collaboration between the United States and African AI researchers, policymakers and industry leaders so that we can work together to drive innovation and address common challenges,” he stated.

Mr Campbell however noted that such goals can only be achieved through a conscious effort to establish frameworks that guarantee sustainability.

“Guidelines must be established for safe, secure, and trustworthy development and deployment of AI technologies that advance our shared values and promote fairness, transparency, and accountability. developing AI policies and regulatory frameworks that ensure safety, privacy, and security while fostering innovation is essential,” he added.