The Federal Government of Nigeria is seeking the partnership of the private sector in its bid to launch an Artificial Intelligence (AI) fund that will increase the country’s capability in technology.
The Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, disclosed this during the opening session of the Zenith Bank Tech Fair 2023 in Lagos. Tijani said the country is lagging in AI because there has not been any significant investment in the technology in recent times.
However, with the fund, he said the aim is to turn Nigeria into a global leader in AI over the next four years. He added that this can be achieved with the support of the private sector as the government alone cannot fund it.
Need for private sector involvement
While appealing to private sector organizations in Nigeria to support the AI fund to achieve economic growth with technology, the Minister said:
- “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.
- “When we use it in education or in transportation, it allows companies like Zenith to try and do better and this is why as a nation, for us to plug the gap that exists now, we are launching an AI fund, where government and private sector will put money together to accelerate the development of artificial intelligence in Nigeria.
- “Nigeria is not going to be the last when it comes to this phenomenon. We believe in the next three to four years, Nigeria will be a global leader in artificial intelligence. And that’s why I believe that this gathering is important for every young person that is in the room today. Do not consider this event and other exciting events where you come to listen to fancy talks. Consider this the beginning of the future that you have to be part of the world and the Nigeria that we need to see is our collective responsibility. It is a Nigeria where technology gives us the opportunity to create tremendous value. And this is why we have to be grateful for events of this nature.”
Why Zenith Bank is focusing on tech
Meanwhile, in his opening address at the Tech Fair, Zenith Bank’s Group Managing Director, Ebenezer Onyeagwu, said the bank sees itself as a technology company with a banking licence. According to him, it is imperative for any company that wants to remain relevant in the future to embrace technology.
- “Any company that will be relevant either has to be a technology company or a company using technology towards the right unique set of data services. That is why we see ourselves as a technology company with a banking licence. For you to be relevant tomorrow, you must infuse a higher content of technology into your business.
- “That was way about 12 years ago, we commenced the building of a new digital interface with the right capabilities and paraphernalia 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,” the GMD said.
The Zenith Bank Tech Fair, which is in its third edition this year, is a two-day event that brings together tech stakeholders across the country to chart a new course for tech development in Nigeria.
The event fully sponsored by Zenith Banks also provides an opportunity for several tech companies in to exhibit their products for free.
