NVIDIA Drivers not loading in UBUNTU 20.04 Live Installation

I installed Nvidia driver 470.86 from the software updater in ubuntu. But when I try to run nvidia-smi it shows the error “NVIDIA-SMI has failed because it couldn’t communicate with the NVIDIA driver. Make sure that the latest NVIDIA driver is installed and running.”
Also running nvidia-settings gives the error:

ERROR: NVIDIA driver is not loaded

ERROR: Unable to load info from any available system

(nvidia-settings:6024): GLib-GObject-CRITICAL **: 04:39:32.548: g_object_unref: assertion 'G_IS_OBJECT (object)' failed
** Message: 04:39:32.550: PRIME: No offloading required. Abort
** Message: 04:39:32.550: PRIME: is it supported? no

I have attached my bug report here.
Please help. I have been struggling with this for days.
nvidia-bug-report.log.gz (121.2 KB)

Please blacklist the nouveau driver. In your debug log:
3591: Kernel driver in use: nouveau

For example by doing the following:

$ sudo bash -c "echo blacklist nouveau > /etc/modprobe.d/blacklist-nvidia-nouveau.conf"
$ sudo bash -c "echo options nouveau modeset=0 >> /etc/modprobe.d/blacklist-nvidia-nouveau.conf"
$ sudo update-initramfs -u
$ sudo reboot

Please also check section 8.1 of “Common Problems” in the driver README.

I hope that helps!