The MTN Foundation recently announced a groundbreaking initiative that will invest N600 million in supporting 1,000 women entrepreneurs in Nigeria. The second phase of the MTN Y’ellopreneur program aims to empower women in business and contribute to reducing unemployment among women.
Odunayo Sanya, the Executive Secretary of the MTN Foundation, highlighted the importance of supporting women in entrepreneurship and providing them with the necessary skills and resources to succeed. The initiative will offer entrepreneurial skills training, equipment loans, grants, and advisory support services to female entrepreneurs.
With a focus on women in medium-sized enterprises, the Y’ellopreneur program targets individuals with a minimum of SSCE education who demonstrate a passion for self-employment. Applicants must have been running a business for at least two years in sectors such as manufacturing, processing, agriculture, ICT, digital services, waste management, and energy generation.
The program will provide equipment loan support of up to N3 million to successful participants, with a flat interest rate of 2.5%. Upon repayment of the loan, a portion will be refunded as a grant to the Y’ellopreneur, ensuring sustainability and growth for the entrepreneurs.
Ashatu Sadauki, Director of the MTN Foundation, emphasized the importance of supporting women in Nigeria and addressing the barriers they face in achieving their full potential. The Y’ellopreneur initiative is a step towards reducing female unemployment, improving entrepreneurial skills, and empowering women to succeed in business.
The initiative aligns with the federal government’s development agenda and complements the strategic plans of the Lagos State government for women’s development and poverty alleviation. Bolaji Dada, the Lagos State Commissioner for Women Affairs, commended the initiative and highlighted the state’s commitment to supporting women through skills acquisition centers.
The MTN Y’ellopreneur program is a testament to MTN’s continued commitment to empowering women in Nigeria and driving socio-economic development through entrepreneurship. By investing in women entrepreneurs, the initiative aims to bridge the entrepreneurship skill gap and create opportunities for women to thrive in business.
