Federal Government Collaborates with Private Sector for Groundbreaking AI Fund Launch in Nigeria

The Federal Government of Nigeria is actively seeking the collaboration of the private sector to spearhead an ambitious Artificial Intelligence (AI) fund. The goal is to elevate the country’s technological prowess and position it as a global leader in AI within the next four years. Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, shared this vision during the inaugural session of the Zenith Bank Tech Fair 2023 in Lagos, highlighting the crucial role of private sector involvement.

Tijani expressed concern about Nigeria’s lag in AI development, attributing it to the absence of substantial recent investments in the technology sector. He stressed the necessity of concerted efforts from both the government and private enterprises to drive progress in AI, emphasizing that exclusive reliance on government funding is insufficient. The proposed AI fund aims to bridge this gap, pooling resources from both the public and private sectors to accelerate AI development in Nigeria.

In his plea to private sector organizations within Nigeria, Tijani underscored the collaborative nature of AI advancement. He urged companies, such as Zenith Bank, to consider integrating AI into their business operations, citing its potential to enhance efficiency and competitiveness. The minister positioned the AI fund as a catalyst for societal transformation, envisioning a future where Nigeria leads the global AI landscape.

“The application and development of AI are not tasks solely for the government. When companies like Zenith Bank embrace intelligent technologies, it transforms not only their operations but also the broader societal landscape. This is why, as a nation, we are launching an AI fund, where both the government and the private sector will contribute funds to expedite the development of artificial intelligence in Nigeria,” stated Tijani. He expressed optimism that Nigeria could emerge as a global AI leader within the next three to four years, underscoring the significance of events like the Zenith Bank Tech Fair in shaping the country’s technological trajectory.

Zenith Bank’s Group Managing Director, Ebenezer Onyeagwu, echoed the sentiment of embracing technology as an essential element for future relevance. Onyeagwu positioned Zenith Bank as a technology company holding a banking license, emphasizing the imperative for businesses to integrate technology comprehensively. He detailed the bank’s commitment to technological innovation over the past 12 years, emphasizing the development of a robust digital interface with extensive capabilities.

“We see ourselves as a technology company with a banking license. For a company to remain relevant in the future, it must infuse a higher content of technology into its business. About 12 years ago, we commenced the building of a new digital interface with the right capabilities and paraphernalia, ensuring that whatever application you have, we can connect with you wherever you are on the surface of the earth. We’ve also built into this interface variable robust and very integrated middleware that will be very sensitive to calibrate in terms of latency requirements depending on the urgency of transactions. So, I will say we are ready,” affirmed Onyeagwu.

The Zenith Bank Tech Fair, now in its third edition, serves as a pivotal two-day event that congregates technology stakeholders nationwide to chart a progressive course for tech development in Nigeria. Sponsored entirely by Zenith Bank, the fair also provides a platform for various tech companies to showcase their products, fostering collaboration and innovation within the tech ecosystem. This collaborative initiative between the government and the private sector, as exemplified by the AI fund, marks a significant stride toward positioning Nigeria as a formidable force in the global AI landscape.