Business
FG, Google launch N100m AI fund for 10 Nigerian startups
FG, Google launch N100m AI fund for 10 Nigerian startups
The Federal Ministry of Communications, Innovation, and Digital Economy and Google have unveiled the 10 startups selected as the beneficiaries of the recently announced N100 million AI Fund.
The Fund established by the National Centre for Artificial Intelligence and Robotics (NCAIR) in collaboration with Google will see each selected startup receive N10 million in funding, along with up to $3.5 million in Google Cloud Credits to help scale their solutions.
Additionally, these startups will gain access to Google’s world-class AI tools, mentorship from Google’s AI experts, and opportunities to connect with a global network of innovators and partners.
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The startups
The 10 startups selected for the AI Fund include:
- BetaLife Health: A startup that leverages AI to predict demand and match blood types for Africa’s blood supply needs.
- Bunce: An AI-driven platform that centralises and personalizes customer engagement for businesses
- CDIAL AI: A company that enables seamless text-to-speech and speech-to-text AI functionality in 13 languages across underserved regions.
- Farmspeak: Leverages AI to support livestock farmers with disease detection and climate control.
- Lendsqr: Streamlines lending operations using AI, empowering global lenders and borrowers.
- ProDevs: Connects global companies with vetted African tech talent through AI-driven pre-classification and job matching.
- Rana Energy: AI-powered energy management optimising sustainable power for underserved users.
- SaaSPro Health: AI-driven healthcare documentation with tailored tools for Nigerian doctors.
- Towntalk: Leverages AI to provide contextual security insights for African communities, empowering informed decision-making.
- Trade Lenda: Streamlines credit analysis for MSMEs using AI, facilitating access to financing.
Addressing local challenges
According to Google, by focusing on sectors such as healthcare, agriculture, education, and governance, the startups will play a crucial role in addressing local challenges and driving sustainable economic growth through AI.
“Across Africa, entrepreneurs are harnessing the power of technology, including AI, to address large-scale societal challenges,” Matt Brittin, President of Google for Europe, the Middle East, and Africa, said.
“Google remains committed to supporting these innovators, helping them expand their impact across the continent and beyond.
“Our work in Africa has always been about unlocking the digital economy’s benefits for more people, and this collaboration continues that mission,” he added.
FG, Google launch N100m AI fund for 10 Nigerian startups
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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