The rise of Artificial Intelligence (AI) startups in Nigeria marks an important milestone in the nation’s tech ecosystem.
With the recent announcement from the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, about a forthcoming $1.5 million initiative to bolster AI development, Nigeria is poised for an even more profound impact on the continent’s tech ecosystem.
Currently, Nigeria boasts over 400 AI firms and startups, making it the second-largest player in Africa’s AI landscape as of 2024.
This growth can be attributed to Nigeria’s strong technological foundation, which has made it a focal point for both domestic and global investors. The country is set to host GITEX in 2025.
However, the journey has not been without its challenges.
Just weeks prior, the Ministry launched a N100 million AI Fund in collaboration with Google, which faced criticism for its perceived inadequacy in fueling the AI revolution. In response, Minister Tijani emphasized that the government’s approach involves pooling resources and fostering partnerships to expand the capabilities of the AI sector.
The upcoming initiatives, including the establishment of the National Artificial Intelligence Trust, aim to ensure that AI development is ethical, safe, and sustainable, promoting local languages and community engagement in the process.
This holistic strategy not only seeks to improve the nation’s economy but also aims to enhance the quality of life for Nigerians through innovative applications of AI.
As we delve into the journeys of seven remarkable AI startup founders of Nigerian descent, we explore how their visions and contributions are shaping Africa’s $480 billion tech ecosystem, driving the narrative of a continent on the brink of an AI-driven future.
Adebayo Alonge, a visionary entrepreneur with over 15 years of experience, is the Group CEO of RxAll, StorsApp, and Frontières Bay Energies. His ventures harness cutting-edge AI technology in health, finance, and climate solutions to empower small businesses, particularly in underserved markets, by expanding access to quality medicine, working capital, and renewable energy.
RxAll is powered by AI and machine learning, designed to authenticate medicine quality within just 20 seconds. By analyzing medicine composition in real-time through miniaturized spectrometry, the device connects to a mobile app and a cloud-based AI system to provide instant quality reports.
Alonge holds degrees from Yale and Harvard in finance, public policy, and pharmaceutical sciences, reflecting his deep commitment to impactful innovation. Recognized with multiple awards, including the Cheng Fellowship, the Hello Tomorrow DeepTech Prize, and the Mandela Washington Award.
With a proven track record in fundraising, he has successfully raised over $11 million in venture capital and grants and spearheaded sales exceeding $180 million. His work not only addresses pressing issues but also drives economic growth, job creation, and improved living standards.
Alonge has led the company since October 2017, scaling it across multiple African markets to deliver authenticated medicines to over 3 million patients monthly, with annual revenues growing by 300% yearly.
Under his leadership, RxAll raised $10M from Tier 1 VCs, such as SOSV and Katapult, and received numerous accolades, including the 2019 Hello Tomorrow DeepTech award and Microsoft’s Best DeepTech Platform in Africa. The company has expanded internationally with subsidiaries in Nigeria, Kenya, and Canada.
