Campus Business (October 3, 2024) – Nigeria is preparing to launch a $1.5 million fund to boost Artificial Intelligence (AI) development in the country, according to the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani. This initiative will be officially unveiled on October 7, 2024, in Abuja.

The announcement came during Dr. Tijani’s interview with Arise TV, where he discussed the outcome of his participation at the recently concluded United Nations General Assembly (UNGA). The $1.5 million support is being provided by Luminate, a global foundation dedicated to promoting access to information and empowering communities to influence decisions that affect their lives.

Building on Previous Initiatives

This new fund follows the launch of a ₦100 million AI fund earlier this year, which was done in collaboration with Google. However, the tech community criticized the initial fund for being insufficient to drive the needed AI revolution in Nigeria.

Addressing the criticism, Tijani explained that the ₦100 million fund was just a starting point. He said that people focused too much on the numbers and overlooked the broader strategy. “We are pooling resources together,” Tijani said, emphasizing that the government is working on multiple fronts to secure more resources for AI development in the country.

The National AI Trust

In addition to the $1.5 million fund, Tijani announced the establishment of a National Artificial Intelligence Trust. This initiative, in collaboration with AI Collaborative, will focus on the development of AI using local languages. The Trust will work to ensure that AI development in Nigeria is ethical, safe, and sustainable, driving growth alongside the government.

“As we build our large language models and digitize our data, we’ll be able to monetize these efforts, with proceeds going back into the Trust to support further AI development,” the Minister said.

Tackling Grassroots Challenges Through Technology

When questioned about balancing high-tech projects with grassroots challenges, Tijani acknowledged that large-scale projects might not receive immediate recognition but are critical for long-term national development. He highlighted the ongoing project to lay 90,000 kilometers of fiber optic cables across Nigeria, a project that is expected to take 18 months to secure $2 billion in funding and an additional 2-3 years to complete.

While acknowledging the economic challenges faced by many Nigerians, Tijani emphasized that infrastructure projects like these would help alleviate several issues in the medium to long term.

What You Should Know

This new AI fund is part of a broader initiative to develop an inclusive AI ecosystem in Nigeria. During the National AI Workshop earlier this year, the Ministry launched the AI Collective, a community of practice aimed at accelerating Nigeria’s AI development.

As part of its support, Luminate will provide $1.5 million over the next three years to three organizations that will manage the AI Collective: Data Science Nigeria, Lagos Business School, and the Center for Journalism, Innovation, and Development.

This fund aims to bring together expertise from various sectors, including civil society, academia, and tech, to work on AI governance, research, and innovation.