Gender inequality is a major cause of hunger and poverty in Nigeria, according to the head of a local foundation
An initiative to promote the role of women in local Nigerian businesses will receive a grant of 600 million naira ($376,000) that will benefit 1,000 female entrepreneurs, a foundation run by major mobile operator MTM Group has announced.
During the launch of phase two of what is called the Y’ellopreneur Initiative in the city of Lagos on Tuesday, Odunayo Sanya, the executive director of MTN Nigeria Foundation, highlighted gender inequality as a significant cause of hunger and poverty.
The initiative aims to decrease female unemployment and promote women’s development as entrepreneurs by offering capacity-building programs and providing access to loans, grants, and advisory services to ensure long-term business sustainability.
“MTN is investing 600 million naira in the second phase of the initiative. The sum of $282,000 (N450 million) is available at $1800 (N3 million) each for the top 150 qualified Y’ellopreneurs to access as equipment loans at a low 2.5% flat interest rate. Upon full repayment of the loan, the sum of $70,000 (N112 million) will be refunded between all 150 Y’ellopreneurs as grants,” Sanya explained.
The initiative is tailored to support female entrepreneurs at medium-sized enterprises who possess at least a secondary education and prefer self-employment. Eligible applicants need to have been operating an existing business for at least two years in sectors such as manufacturing, processing, agriculture, ICT, digital services, waste management, and energy generation.
Sanya emphasized that sustained female participation in entrepreneurship and business administration will not only generate income for their families but also significantly contribute to Nigeria’s socioeconomic progress.
The submission period for applications for the Y’ellopreneur program commenced on Tuesday and will run through March 30.
MTN Group Limited, formerly known as M-Cell, is a South African mobile communications company that operates across numerous African and Asian nations but derives a third of its revenue from Nigeria, where it holds an approximately 35% market share.
The MTN Foundation was established in 2004 and, according to its website, works with “disadvantaged and rural communities” to help them “become self-sufficient.”
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