How to apply for FG's N100 million AI fund, supported by Google

• The Nigerian government has opened applications for Artificial Intelligence Fund
• The scheme, which tech giant Google supports, aims to help Nigerian startups raise the required funds to scale
• The Minister of Communications, Bosun Tijani, the programme focuses on homegrown solutions

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian government, via the National Centre for Artificial Intelligence and Robotics (NCAIR), has opened applications for a 100 million AI fund.

Google supports the scheme and aims to help Nigerian startups leverage AI to develop innovations.

The Minister of Communications, Innovation and Digital Economy, Bosun Tijani Credit: @bosuntijani/X
Source: Twitter

FG sets deadline to apply

NCAIR said in a statement that the fund is open to Nigerian-based startups focused on AI-enabled technology solutions with potential for impact.

According to reports, the fund is open to companies operating in Nigeria with at least one founder. It focuses on AI-driving solutions with the potential to scale and a live product in the market that shows early traction and product fit.

Eligible businesses get about N10 million in funding with access to Google’s resources, including AI tools, mentorship, and a global network designed to help them scale their innovations.

The application opens on Tuesday, September 10, 202, and is expected to close on September 25, 2024.

The Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, said the fund is critical in nurturing homegrown innovation that addresses local challenges and contributes to economic growth.

The National Coordinator of NCAIR, Bunmi Ajala, disclosed that the Google partnership reflects the company’s shared vision with Nigeria’s technological growth.

The minister said interested applicants should click the link: https://ncair.nitda.gov.ng/aifund/ to apply.

Google promises to make it count

Google’s West Africa Director, Olumide Balogun, said the tech giant’s support for the AI fund is part of the firm’s broader mission to boost digital capabilities across Africa.

Balogun stated that the company is committed to providing Nigerian businesses with the tools, mentorship, and resources they need to innovate and succeed globally.

FG approves N110 billion for youth startups

Legit.ng earlier reported that the Minister of Youth Development, Jamila Bio-Ibrahim, has disclosed that the Nigerian government has approved allocating N110 billion in capital startups and early growth stage businesses targeted at the youth demographic.

The minister said the approved funds would be channelled via the revamped Nigeria Youth Investment Fund (NYIF).

She stated that the partnership effort between her ministry and the Bank of Industry (BoI) will create a specialised NextGen Bank dedicated to growing youth entrepreneurs by providing access to loans and business support services.

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Source: Legit.ng