Nigerians Mock FG Over $60,000 AI Fund Launch
Nigerians have taken to social media to express their outrage and disappointment at the launch of a $60,000 Artificial Intelligence (AI) fund by the Minister of Communication, Innovation, and Digital Economy, Dr Bosun Tijani.
The fund, which was announced in collaboration with Google Africa, aims to support Nigerian startups leveraging AI to build innovative solutions.
In a post seen by Osun Defender on social media, the Minister wrote; “Today, we launched the N10Omillion Artificial Intelligence Fund in collaboration with @googleafrica aimed at supporting Nigerian startups leveraging Al to build innovative solutions.
“The Al fund, which will be coordinated by @NCAIRNigeria, is a critical step in taking advantage of future technologies to develop homegrown innovation that addresses local challenges, accelerates economic growth, and contributes significantly to the development of the global technology ecosystem.
“By supporting our startups, we are not only investing in their success, but also in the future of Nigeria’s digital economy.
“Eligible startups are welcome to apply for the fund using this link: ncair.nitda.gov.ng/aifund/”.
However, many have criticized the funds amount calling it a joke
They argued that the amount is too small to make any significant impact in the field of AI and that the event was merely a photo opportunity for the minister.
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Critics have also pointed out that the fund’s value in naira (N100 million) was likely intentionally used to make the amount seem larger than it actually is. While others noted that the cost of hosting the event may have even exceeded the total amount of the fund.
The reactions have sparked a wider conversation about the government’s commitment to supporting innovation and technology in Nigeria with many calling for more substantial investments in the sector, rather than mere token gestures.
Some of the reactions are listed below:
@gboukzi wrote Lol, Google is collaborating with Nigeria to support -$60k (not 600k or Gm or 60m oh; 60k) Al Fund in Nigeria, and there is an entire event where Minister is doing photo Ops.
@anonymousmoood: $61,000, you must be joking. If you have nothing to offer as a Minister, kindly tender your resignation.
@Nnekabusybody: lol…you no really rate Nigerians sha. You quoted the money in Naira so that it will look big abi?
Google gives $35Ok Al startup credit to founders that apply but you’re attending ceremony for being given less than $65k when you’re a whole country? Shameless minister.
@blochief: An allegedly Tech servy minister is talking about Al and 100 million in the same sentence. This one na egu nje.
@Inv_Dos: Me and you know say 100m can’t fund an Al research. The government should do better if they’re serious about innovations
@JosephOnuorah: Minister, did you really mean to type million naira or dollars?
If it’s million naira- Is that the actual fund or the sitting allowance of the committee to manage the fund
How much did it cost you to fly and entertain everyone who attended that event. Are you being serious??
@Row_Haastrup: Is this 100m for one startup? Cos that’s just $60k
@oluseun_akin1: Ok Minister Bosun, an aide or assistant could have done this photo op. What’s this please
@MaziOfTheEast: Google is giving us 100m and photo ops has already taken like 10m-20m
@authorwales: Has to be a mistake because my desk at work cannot host an event because we spent$60k.
@Midefaw: How much was spent on this event to announce a N100,000,000 Artificial Intelligence fund?
@winexviv: This is for photo ops. N100m cannot even buy Nvidia chip used for Ai development. This is mere $61k in today’s naira which is not up to the annual salary of a proper Ai engineer.
Let’s stop deceiving ourselves in this Nigeria. Unless it’s justu/s GPT4 or Gemini API’s which doesn’t require PR to use. Almost every mid-level software engineer in Nigeria uses that already.
@NejeebBello: N100,000,000 is $60,000. Did you mean $100 million? $60k can barely buy a brand new Al enabled car. This whole lavish ceremony for $60k?
@King Abayomi_U: First of all, how’s 100million naira and Al Funding in the same sentence?
@Yhormite01: 1 ask again why do smart and intelligent people with amazing achievements get into power in Nigeria and they turned this? ls this the same Bosun that built CCHub celebrating $60k for โAI fund” can 60k even builda good medium scale LLM Generative Al
website?
@OMidefaw: How much was spent on this event to announce a N100,000,000 Artificial Intelligence fund?
@the 0rat0r: As someone in this field, that fund amount is a joke. Bodun should know better as he was running a CC hub all this while. The funds required to successfully launch a tech startup has ballooned and $60k barely meets the requirements. That’s just a tech startup without the heavy infrastructure needs, imagine Al that needs heavy infrastructure and high R&D expenditure. They’ll need way more, if you’re going to do things, do it right, not even a case of not appreciating their efforts but there’s a proper method to doing things. Al is a cost heavy venture, way more is needed, way way more if you’re going to catch up with the world.
@โbundleโ : Do you people think we’re daft?
@emnanueljohn9418: Den think say we and our parents or grandparents na the same๐u dey try whine generations wey dey make use of internet 24/7๐
@gentle.bob: A country without power supply is talking Al? Wonderment๐
@dukedojj: Nigeria and Al should not be in the same sentence….. for now
@damilareโsam11: They’re just looking for every means to loot government funds, this is what you get for giving power to someone that has never tasted it before, awon agbaya ojuorolari nonsense. Jatijati๐ข
@d_alexis_page: This country is messed up๐คฆ
@Oyinlola2305: Embezzlement in disguise๐คฆ๐
