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

The Executive Secretary, MTN Foundation, 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.’’

Mrs 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 that it was also to establish some of the female entrepreneurs with small business loans, grants and advisory support service for sustainability.

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

She said, “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 subject 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 that the concept of the Y’ellopreneur was designed to target female entrepreneurs in medium enterprise groups with a 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 businesses that source most of the raw materials locally.

According to Mrs Sanya, the drivers of the initiative are 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’s self employment, in line with the Federal Government’s development agenda.

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

Mrs 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 grants.

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

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

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

(NAN)