The MTN Foundation has announced a N600 million investment for the second phase of its MTN Y’ellopreneur initiative, targeting 1,000 women.
The initiative, themed “Supporting Women in Business for a Brighter Tomorrow,” aims to address women’s unemployment, foster women’s development in entrepreneurship, and enhance their business skills through capacity-building programs.
Odunayo Sanya, the Executive Secretary of MTN Foundation, emphasized that the initiative not only focuses on reducing women’s unemployment but also provides support services such as small business loans, grants, and advisory services to ensure sustainability.
The second phase will consist of a five-week program that provides entrepreneurial skills training and masterclass sessions to 1,000 female entrepreneurs who have been selected.
The initiative has earmarked a budget of N600 million, out of which 150 women will be eligible to receive equipment loans worth N450 million. Each participant can receive equipment loan support of up to N3 million, subject to a flat interest rate of 2.5%.
Upon loan repayment, N112,500,000 will be refunded as a grant to the Y’ellopreneur, with a 36-month payment period and a 25% grant refund upon completing the loan.
The Y’ellopreneur initiative is specifically designed for female entrepreneurs in medium enterprise groups with a minimum of SSCE education, demonstrating passion, and commitment to self-employment.
Applicants should run existing businesses of two years or more in sectors such as manufacturing, processing, agriculture, ICT, digital services, waste management, and energy generation, with a focus on locally sourced raw materials.
Mrs Sanya highlighted that addressing gender inequality is vital in combating hunger and poverty, and promoting women’s involvement in entrepreneurship contributes to family income and socio-economic development in Nigeria.
The initiative aims to bridge the skills gap for entrepreneurship and promote self-employment among women, aligning with the Federal Government’s development agenda.
Ashatu Sadauki, Director of MTN Foundation, emphasized the global challenges faced by women and commended MTN’s commitment to supporting women in Nigeria through the Y’ellopreneur initiative.
The Lagos State Commissioner for Women Affairs, Bolaji Dada, expressed excitement over the initiative, noting its alignment with the state government’s strategic plans for women’s development and poverty alleviation. Lagos State, with 20 skills acquisition centres, has seen numerous graduates emerge from its efforts.