The MTN Foundation has unveiled its plan to invest N600 million in the second phase of the MTN Y’ellopreneur initiative, aimed at supporting 1,000 women entrepreneurs.
Mrs. Ashatu Sadauki, the Executive Secretary of MTN Foundation, announced this during the launch of the application process for the initiative’s second phase, themed “Supporting Women in Business for a Brighter Tomorrow,” on Tuesday in Lagos.
Sanya emphasized that the Y’ellopreneur initiative aims to tackle female unemployment and foster women’s development in entrepreneurship by providing capacity-building opportunities to enhance their entrepreneurial skills. Additionally, the initiative aims to provide small business loans, grants, and advisory services to ensure sustainability for female entrepreneurs.
The second phase of the initiative will include a five-week entrepreneurial skills and masterclass training program for the selected 1,000 female entrepreneurs. Out of the allocated N600 million, N450 million will be dedicated to providing equipment loans to 150 women.
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“Each participant will have access to equipment loan support of up to N3 million, with a flat interest rate of 2.5 percent. Upon repayment of the loan, a portion of it will be refunded as a grant to the Y’ellopreneur, totaling N112,500,000. The repayment period is set at 36 months, with a grant refund of 25 percent of the loan amount upon completion of repayment,” Mrs. Sanya explained.
The Y’ellopreneur concept targets female entrepreneurs in medium enterprise groups with a minimum of SSCE education, displaying passion and commitment to self-employment. Applicants should have been running an existing business for two years or more in sectors such as manufacturing, processing, agriculture, ICT, digital services, waste management, and energy generation, with a focus on businesses that source most of their raw materials locally.
Sanya emphasized that gender inequality is a significant contributor to hunger and poverty, and empowering women in entrepreneurship and business management will not only provide income for their families but also contribute to Nigeria’s socio-economic development, aligning with the federal government’s development agenda.
Mrs. Ashatu Sadauki, Director of the MTN Foundation, highlighted the obstacles faced by women worldwide in achieving their full potential and reiterated MTN’s commitment to reducing female unemployment and advancing women’s development through the Y’ellopreneur initiative.
Ms. Bolaji Dada, the Lagos State Commissioner for Women Affairs, commended the Y’ellopreneur initiative, stating that it aligns with the state government’s strategic plans for women’s development and poverty alleviation, noting the existence of 20 skills acquisition centers in Lagos State, which have produced numerous graduates.
