The fund provides Nigerian startups with the resources to develop and scale AI solutions,
writes SONNY ARAGBA-AKPORE
Last week,the government of Nigeria in collaboration with Google Africa began what could turn around the fortunes of startups with the launch of N100m fund in Lagos.
The fund, to be overseen by the National Centre for Artificial Intelligence and Robotics (NCAIR), is believed to align with President Bola Ahmed Tinubu’s vision to position Nigeria as a leader in Artificial Intelligence (AI) development.
Communications,Innovation and Digital Economy Minister,Bosun Tijani tweeted on Tuesday,September 10 that “today we launched the N100million Artificial Intelligence Fund in collaboration with @googleafrica aimed at supporting Nigerian startups leveraging AI to build innovative solutions.”
Expected to be managed by NCAIR,the funds will enable startups to deliver cutting edge technologies for developing AI for economic growth.
Although,this initiative looks tempting for the startups,some stakeholders see it as a drop in the ocean.
Despite the misgivings of some stakeholders,government thinks the AI fund is expected to spur technological progress across Africa, empowering entrepreneurs to solve real-world problems through AI.
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By providing critical financial and strategic backing, the collaboration sets a new benchmark for digital innovation across the continent, offering African startups a chance to drive economic growth and technological development.
Google’s involvement highlights its commitment to Africa’s digital future according to Olumide Balogun, Google’s West Africa Director, noting that the partnership aligns with Google’s focus on developing Africa-centric solutions and promoting digital innovation on the continent.
“In addition to financial support, the selected startups will gain access to Google’s AI tools, mentorship, and a global network of experts and investors, helping them scale their businesses and expand beyond Nigeria.
“Eligible startups must be based in Nigeria, have at least one Nigerian founder, and focus on AI-driven solutions with strong market potential. Applications will be open from September 10 to September 25, 2024, with winners announced in October.
“Tijani explained that the government’s pivotal role in shaping AI policy, which we believe will have long-term effects on both the public and private sectors is a drive in the right direction.
“If we get it right in the public sector, it will permeate the private sector, transforming national lives and shaping the future of our country,” Tijani stated during the launch.
The government is also working on a National Artificial Intelligence Strategy to guide future policies and foster AI growth across multiple industries.
Announced on September 10, 2024, this initiative aims to foster AI innovation and entrepreneurship in Nigeria’s rapidly growing tech ecosystem.
On July 31,2024 Google for Startups Accelerator Africa announced its 8th cohort of 10 startups joining its Africa Accelerator Programme, a three-month virtual initiative designed to help African startups leverage technology to address some of the continent’s most pressing challenges.
Chosen from nearly 1,000 applications, the startups from Ghana, Kenya, Nigeria, South Africa, and Uganda demonstrate the vibrant talent and innovation within Africa’s tech scene.
Google highlighted the crucial role startups play in driving economic growth and technological progress in Africa.
“These startups are not only creating jobs but also improving living standards by developing tailored solutions to local challenges, Google noted, despite the ongoing “funding winter” in Sub-Saharan Africa.
Since its launch in 2018, the Google for Startups Accelerator Africa programme has supported 106 startups across 17 African countries, helping them raise over $263 million and creating more than 2,800 direct jobs, underscoring the programme’s impact on the continent’s tech landscape.
This year’s cohort focuses heavily on artificial intelligence, emphasizing the role of advanced technologies in addressing Africa’s critical challenges.
The N100 million fund is designed to support Nigerian startups leveraging Artificial Intelligence (AI) to develop innovative solutions, and this initiative is part of the broader National AI Strategy published in August, 2024 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.
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.
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.
In April 2024, the Ministry held the Artificial Intelligence Strategy Workshop bringing together key stakeholders to discuss the future of AI in Nigeria. This was followed by the release of the National AI Intelligence Strategy in August, which outlined the country’s road map for integrating AI into various sectors to enhance growth and societal well-being. The AI Fund is a significant step in actualizing these plans, providing Nigerian startups with the necessary resources to innovate and scale their AI solutions.
The AI Fund is open to Nigerian-based startups that are focused on AI-driven technology solutions with the potential for significant impact.
Selected startups will receive up to ₦10 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.
When it rose from its 2024 yearly conference last week,the International Standard Organization (ISO) listed a number of issues relating to AI including standards to follow and ethical practices.
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“With an ability to synthesize, analyse and act on enormous amounts of data in seconds, artificial intelligence is extremely powerful. As with any powerful technology, it is crucial we implement it responsibly to maximize on its potential while minimizing negative impacts”, ISO wrote.
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For example, if trained using unscrutinized data, AI can replicate harmful biases about race, religion, upbringing or other human characteristics. This could be potentially disastrous if embedded in artificial intelligence used in health, recruitment, law or other human-centred applications.
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“Another of the key ethical concerns surrounding AI is privacy. With AI systems collecting vast amounts of data from databases worldwide, there is a need to ensure that personal information is protected and used responsibly. For example, facial recognition technology, often used in security systems or social media platforms, raises questions about consent and potential misuse.
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“Ensuring the responsible development of AI is crucial for its safe, trustworthy and ethical advancement. But how can transparency and explainability be addressed in the context of AI?”
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At its core, machine learning refers to the ability of a computer system to learn from data without being explicitly programmed. One example is spam filtering in emails. By detecting similar patterns in spam messages, email platforms can learn what messages are useful, and what should be kept out of the inbox.
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“So how does machine learning work? It starts with data. Lots of it. Machine learning algorithms are trained on huge datasets which they learn to analyse to identify patterns, relationships and trends. These patterns can then be used to make predictions or decisions on new, unseen data.”
· Aragba-Akpore is a member of THISDAY Editorial Board
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