The Federal Government of Nigeria is seeking private sector support to develop an Artificial Intelligence (AI) fund that will boost the country’s technological potential. Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, announced this during the opening session of the Zenith Bank Tech Fair 2023 in Lagos.

According to Tijani, the country is underperforming in AI since there has been little investment in the technology in recent years. However, he stated that the fund’s goal is to make Nigeria a global leader in AI within the next four years. He emphasized that this can only be accomplished with the help of the private sector, as the government cannot fund it alone.

While appealing to Nigerian private sector groups to sponsor the AI fund in order to achieve economic growth through technology, the Minister stated:

“AI application and development do not have to be done solely by the government.” Even when firms like Zenith Bank consider efficient intelligence, it is critical that you consider it in the context of your own business. When we prioritize AI as a civilization, it becomes more powerful and beneficial. When we utilize it in education or transportation, it allows firms like Zenith to try and do better, which is why, as a nation, we are introducing an AI fund to fill the vacuum where the government and the corporate sector would pool their resources to advance the development of artificial intelligence in Nigeria.”

The Zenith Bank Tech Fair, now in its third year, is a two-day event that brings together tech stakeholders from around the country to map a new route for Nigerian tech growth. The event, which is entirely funded by Zenith Banks, also allows various tech companies to exhibit their goods for free.

Gabriel Eleojo Umoru
Gabriel Eleojo Umoru
I'm Gabriel Eleojo Umoru, a graduate of Mass Communication from Prince Abubakar Audu University (formerly Kogi State University Anyigba, Kogi State). My hobbies include writing, surfing the internet and listening to music. I'm into voice editing and project management. I also help people out in their research projects.

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