MTN Youth Entrepreneurship Development Programme: MTN has on their part contributed to the youth empowerment initiative towards strengthening and building capacity of young entrepreneurs, by introducing the Youth Entrepreneurship Development Programme (YEDP) designed for young entrepreneurs in Nigeria. This entrepreneural initiative will provide a line of credit, loans, valuable training and also a valuable mentorship opportunities to those who are eligible for this young entrepreneurs programme.
For those who wants to apply for the MTN Youth Entrepreneurship Development Programme should note that they will be recipients of the MTN Foundation’s Annual Science and Technology Scholarship Scheme and the Scholarship Scheme for Blind Students, which will offer awardees in Federal Government tertiary institutions with financial support to cover their tuition fees, book allowance and stipend, from second year till they graduate.
According to the MTN Youth Entrepreneurship Development Programme initiative, Fifty successful applicants will receive loan support of up to N2million each with a grant of 10percent on the principal amount. According to the programme, the loan wil be repayable after 36 months at a flat interest rate of 5percent with six months moratorium. The MTN Foundation as it where will engage the services of BoI, which will be based on its expertise as an administrative partner to drive the implementation of this initiative.
Acting executive secretary, MTN Foundation, Odunayo Sanya, stated that the telecommunication company had decided to give loans so as to create a sense of responsibility in dealing with funds for their businesses.
“In addition to our employability workshops, we have taken a step further with the Youth Entrepreneurship Development Programme, by ensuring that these bright minds have access to the funds required to take an active part in building their businesses and support their families and communities,” Sanya said.
Santa futher stated that unemployment is one of the biggest problems graduates from Nigeria are facing.
“There are more young people than the available jobs and we decided to provide a solution to this,” she said.
She additionally stated that only applicants whose business plan fulfil the requirements of viability and sustainability would be awarded the loan.
Recall that the YEDP started with online and in-class trainings for the applicants which were helped by experts from the Enterprise Development Centre (EDC) of the Pan-Atlantic University, Lagos and Bank of Industry (BoI). The YEDP profiteers later submitted their business plans and proposals to a panel of judges, that are comprised of experts in various fields and industries, while candidates’ business ideas cover various sectors of the economy including agriculture, ICT, health, beauty and fashion, oil and gas, education, etc.
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