How Nigerian Startups Can Benefit from the ₦100M AI Fund

The National Centre for Artificial Intelligence and Robotics (NCAIR), with the backing of Google, announced the launch of a ₦100 million initiative called the AI Fund on Tuesday, September 10. This program aims to support Nigerian startups that are developing innovative solutions using Artificial Intelligence (AI).

Designed to support Nigerian startups leveraging Artificial Intelligence (AI) to develop innovative solutions, this initiative is part of the broader National AI Strategy published in August, aimed at integrating AI into various sectors of the Nigerian economy to drive growth and societal well-being

The AI Fund provides Nigerian startups with the resources they need to develop and scale their AI solutions.

Why is the NCAIR launching the AI Fund?

The NCAIR believes that AI has the potential to address local challenges and contribute to Nigeria’s economic growth. By supporting Nigerian startups, the NCAIR hopes to foster homegrown innovation.

The Importance of AI in Nigeria

Artificial Intelligence has the potential to revolutionize various industries and sectors in Nigeria. From agriculture and healthcare to education and finance, AI can improve efficiency, productivity, and decision-making. By investing in AI, Nigeria can position itself as a leader in the global technology landscape.

The Role of the AI Fund

The AI Fund is a ₦100 million initiative established by NCAIR and Google to support Nigerian startups that are using AI to develop innovative solutions

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The AI Fund plays a crucial role in fostering AI innovation and development in Nigeria. By providing funding, resources, and mentorship, the fund supports startups that are developing AI-driven solutions with the potential to make a significant impact. This can lead to job creation, economic growth, and improved quality of life for Nigerians.

What are the Benefits of the AI Fund?

Startups chosen for the AI Fund will receive up to ₦10 million in funding. They will also gain access to Google’s extensive resources, including AI tools, mentorship from Google engineers, and a network designed to help them grow their businesses globally.

Who is Eligible to Apply for the AI Fund?

The AI Fund is open to Nigerian-based startups that are focused on creating AI-driven solutions with the potential for significant impact. To be eligible, startups must:

• Be headquartered in Nigeria
• Have at least one Nigerian founder
• Focus on developing AI solutions that can be scaled beyond the Nigerian market
• Have a live product in the market that demonstrates early traction and product-market fit

How to Apply

Applications for the AI Fund are open from September 10 to September 25, 2024. You can apply here: https://ncair.nitda.gov.ng/aifund/

The NCAIR and Google are looking for startups with innovative AI solutions that have the potential for significant impact and scalability. Selected startups will be announced in October 2024.

The 100 Million Naira AI Fund is a great opportunity for Nigerian startups in the field of AI. This program provides startups with access to critical resources, mentorship, and networks that can help them grow their businesses and make a positive impact on the world.