Nigeria's Move to Foster AI Advancement

The Nigerian government has initiated the Nigerian Artificial Intelligence Research Scheme, aimed at promoting the growth of Artificial Intelligence (AI) within the country by providing financial support to AI-focused startups.

This move has drawn attention globally, particularly among crypto enthusiasts, given the increasing adoption of cryptocurrencies in Nigeria, according to a recent report, Nigeria experienced a notable 9% year-over-year increase in cryptocurrency transactions, totaling $56.7 billion from July 2022 to June 2023.

Financial Support by the Government

As indicated by Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, the project plans to award N5 million (5 Million Naira) to 45 researchers and startups, signifying an investment in the advancement of AI and the subsequent economic development.

The scheme's primary objective is to cultivate a sustainable AI ecosystem in Nigeria, exploring the various opportunities and possibilities presented by AI technology.

The N5 million grant aims to expedite the growth of startups and researchers, ultimately contributing to the nation's economic progress.

To qualify for the scheme, academic researchers and technology platforms must submit proposals that align with the Federal Ministry of Communications, Innovation, and Digital Economy's AI priority areas.

Envisioning Technological Advancement

Minister Tijani expressed the ministry's commitment to establishing a solid foundation for driving innovation, enhancing productivity in critical sectors, and positioning Nigeria as a global hub for AI technology application.

Nigeria's dedication to leveraging AI technology for the country's economic progress is further highlighted by its introduction of the National Artificial Intelligence Strategy, aimed at encouraging collaboration between scientists and experts for the development of innovative solutions.