MTN Foundation earmarks N600m for 1,000 women entrepreneurs

The MTN Foundation, on Tuesday in Lagos, said that N600 million would be invested in the second phase of its MTN Y’ellopreneur initiative for 1,000 women.

The Executive Secretary, MTN Foundation, Mrs Odunayo Sanya, made this known at the opening and launch of the offer application for the second Phase of MTN Y’ellopreneur initiative, with the theme: ‘Supporting Women in Business for a Brighter Tomorrow’.

Sanya said that Y’ellopreneur initiative seeks to contribute to the reduction in women unemployment and advance women development in entrepreneurship through capacity building to enhance their entrepreneurial abilities.

She said it is also to establish some of the female entrepreneurs with small business loans, grants and advisory support service for sustainability.

Sanya said that the second phase of the initiative would admit five-week entrepreneurial skills and masterclass training for 1,000 female entrepreneurs.

’’Out of the N600 million earmarked to be invested, 150 women will have access to N450 million for equipment loan.

‘’Each successful participant will have access to equipment loan support of up to N3 million, the loan value is subjected to 2.5 per cent flat interest rate.

“Upon repayment of the loan, the sum of N112,500,000 will be refunded as grant to the Y’ellopreneur

‘’There is 36 months payment period and refund of 25 per cent loan amount as grant upon completion of the loan,’’ she said.

She said that the concept of the Y’ellopreneur is designed to target female entrepreneurs in medium enterprise group with minimum of SSCE education and display passion and commitment to self employment.

According to her, the applicant should run an existing business of two years and above in manufacturing, processing, agriculture, ICT, digital services, waste management and energy generation.

She said that the focus was on business that source most of the raw materials locally.

According to Sanya, the drivers of the initiative is that gender inequality is a major cause and effect of hunger and poverty.

She said that continued involvement of women in entrepreneurship and business management would help to provide income for their families and surely contribute to the socio economic development of Nigeria.

According to her, the initiative will contribute to bridging the entrepreneurship skill gap and enhance women self employment, in line with federal government’s development agenda.

Also speaking, Mrs Ashatu Sadauki, Director, MTN Foundation, said, “women around the world face deeply rooted obstacles against achieving their potential at work and other aspect of lives and sadly Nigeria is not excluded.”

Sadauki said that the Y’ellopreneur initiative by MTN would contribute to reduction of female unemployment.

She said it would also advance women development, skill training designed to improve their entrepreneurial skills and establish entrepreneurs with small business and grant.

”I must confess I am gratified that MTN is demonstrating continued commitment by supporting women in Nigeria through continued implementation the MTN Y’ellopreneur initiative.”

The Lagos State Commissioner for Women Affairs, Ms Bolaji Dada, expressed excitement over the Y’ellopreneur initiative, saying it is in line with the state government’s strategic plans on women development and poverty alleviation.

Dada said that Lagos state has 20 skills acquisition centres and so far, turned out many graduates.