- The Nigerian government is reportedly set to launch a $1.5 million (₦2.5 billion) fund initiative to support the development of Artificial Intelligence (AI) in the country.
- This AI fund, announced by Nigeria's Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, will be launched on October 7, 2024 in Abuja.
- The fund is supported by Luminate, a global foundation. According to the Minister, “Our strategy with AI isn’t to limit it to local resources—we are pooling resources together. On the 7th of October in Abuja, we are launching an additional $1.5 million in support from Luminate.”
This announcement comes nearly a month after the government, in collaboration with Google, launched a ₦100 million (~$61,000) fund to empower 10 Nigerian startups using AI.
The fund, coordinated by the National Centre for Artificial Intelligence and Robotics (NCAIR), aims to accelerate Nigeria’s tech ecosystem by identifying and supporting AI startups with high-impact potential.
However, the ₦100 million AI fund received backlash from the tech community for being too insignificant for the industry.
Some argued that individual startups receive up to $350,000 from Google initiatives, while one critic noted that ₦100 million cannot even buy an Nvidia chip used for AI development.
In response, Tijani reportedly noted that the criticism is a misunderstanding. He also mentioned that the focus was on the amount without considering the additional support and efforts from the government to secure more resources.
The ministry has also disclosed it is also working on a National Artificial Intelligence Trust, in collaboration with AI Collaborative, with focus on incorporating local languages in AI development.
“The Trust will be a body that ensures AI development in Nigeria is ethical, safe, and sustainable, working alongside the government to drive growth.”
In April 2024, the Minister announced the launch of AI Collective, a community of practice aimed at accelerating the nation’s collective prosperity through an inclusive AI ecosystem.
Following this announcement, Luminate revealed plans to support the organisations managing the AI Collective, enabling them to bring together expertise from civil society, academia, tech, and other sectors.
Written by Omoruyi Edoigiawerie, a seasoned startup attorney with over a decade of experience. Learn more.
Prior to the fund from Google and Luminate, in November 2023, Tijani mentioned that the government is seeking partnerships with the private sector in its bid to launch an AI fund that will increase the country’s capability in technology.
