The Federal Government of Nigeria is actively pursuing a partnership with the private sector to establish an Artificial Intelligence (AI) fund aimed at enhancing the country’s technological capabilities.
Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, revealed this initiative during the opening session of the Zenith Bank Tech Fair 2023 in Lagos. He acknowledged that Nigeria has lagged in AI due to insufficient recent investments in the technology sector.
The proposed fund’s objective is to propel Nigeria into a global leadership position in AI within the next four years, with the understanding that government funding alone may not be sufficient.
Highlighting the Need for Private Sector Involvement, Minister Tijani Stated:
“The application and development of AI is not something that has to be done by the government alone. And even when companies like Zenith Bank are thinking about efficient intelligence, it is important that you think of it in the context of your business. AI becomes more powerful and useful when we prioritize it as a society.”
Addressing private sector entities, he emphasized the significance of supporting the AI fund for economic growth through technology. The Minister outlined the collaborative nature of the fund, where both the government and the private sector would pool resources to accelerate AI development in Nigeria. He expressed optimism that Nigeria could become a global leader in artificial intelligence in the next three to four years.
Zenith Bank’s Perspective on Technology:
During the Zenith Bank Tech Fair’s opening address, Ebenezer Onyeagwu, the Group Managing Director of Zenith Bank, described the bank as a technology company with a banking license. Recognizing the importance of technology in remaining relevant, Onyeagwu stressed the need for companies to embrace technology or become technology-focused to secure their future. He highlighted Zenith Bank’s readiness, having invested in a new digital interface with robust capabilities that can seamlessly connect with applications globally.
The Zenith Bank Tech Fair, now in its third edition, spans two days and serves as a platform for tech stakeholders across Nigeria to collaboratively shape the future of tech development in the country. Sponsored entirely by Zenith Bank, the event also offers tech companies an opportunity to showcase their products at no cost.
