In commemoration of International Women’s Day (IWD) 2024, the MTN Foundation, the Corporate Social Responsibility arm of MTN Nigeria, has reaffirmed its dedication to advancing women’s empowerment and promoting women entrepreneurship through its “Y’ellopreneur Initiative.”
The official launch of Phase 2 of the Y’ellopreneur initiative at the company’s headquarters in Lagos saw Odunayo Sanya, the Executive Director of the MTN Foundation, unveil the plan to invest N600 million to benefit 1,000 female entrepreneurs directly.
The application process for the program commenced on Tuesday, March 5, 2024, and is set to run until March 30, 2024, targeting female entrepreneurs in medium-sized enterprises with a minimum SSCE education background, who demonstrate passion and commitment to self-employment.
Eligible applicants are required to have been running an existing business for a minimum of two years, particularly in sectors such as manufacturing, processing, agriculture, ICT/digital services, waste management, and energy generation, with a focus on businesses that predominantly source their raw materials locally.
The initiative aims to reduce women’s unemployment and promote women’s development in entrepreneurship through capacity building, entrepreneurial support, and small business loans/grants.
The second phase of the initiative will make N450 million available at N3 million each for the top 150 qualified Y’ellopreneurs to access equipment loans at a 2.5 percent flat interest rate. Upon full repayment of the loan, the sum of N112,500,000 will be refunded to them as Grants.
The participation of women in entrepreneurship and business management is essential in providing income for their families and contributing to the socio-economic development of Nigeria.
The Minister of Women Affairs and Poverty Alleviation in Lagos state, Cecilia Bolaji Dada, expressed her enthusiasm and optimism in the partnership, highlighting the state government’s commitment to poverty reduction among women. She also commended the MTN foundation for the initiative and its support over the years towards the state’s skills acquisition centres.
Founder of Women in Successful Careers (WISCAR), Amina Oyagbola, praised the Y’ellopreneur initiative for aligning with the goal of this year’s International Women’s Day celebration theme: “Invest in Women: Accelerate Progress” and the campaign theme: “Inspire Inclusion.” She termed the initiative a catalytic programme aimed at addressing economic disempowerment and encouraged others to join and contribute to solving economic problems. Oyagbola also highlighted the significance of partnership, advocating for Public Private Partnerships (PPP) as the way to tackle economic challenges effectively.
In conclusion, the MTN Foundation’s renewed commitment to women’s empowerment through the Y’ellopreneur Initiative is a commendable effort that aligns with the goals of International Women’s Day 2024. The initiative has the potential to catalyse women entrepreneurship, support economic progress and contribute to the eradication of poverty among women in Nigeria.
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