Friday, March 08, 2024

Nigerian women

 Further to this post from SOYMB, 5 March, comes news that women in Nigeria are being targetted to become more capitalism friendly and contribute toward the profits of Nigerian capitalists.

‘The World Bank, formed at the 1944 Breton Woods Conference is meanwhile concerned that women's rights and gender equality need to progress at a faster pace. Lest anyone think that this organisation’s motives are exclusively altruistic the World Bank says, ‘Closing the gender gap could boost global GDP by over 20%, doubling the world’s growth rate over the next decade.’

‘Women have the power to turbocharge the sputtering global economy,’itother said.

Further, ‘Today, barely half of women participate in the global workforce, compared with nearly three out of every four men. This is not just unfair – it’s wasteful,’

‘The development organization argues that the transition to a gender-equal world could be fast-tracked through accelerating efforts in reforming laws and enacting public policies that empower women to work, as well as to start and grow businesses.’

In other words, on behalf of the global capitalist class the World Bank wants a situation where, along with men, more women can be exploited to produce more surplus value (profits) for capitalists. Women are also part of the majority working class and their interests are best served by working toward the abolition of capitalism and its replacement by a social system where quality goods and services are produced for free use not profit.’

‘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.”’

Promoted by the Socialist Party of Great Britain, 52 Clapham High Street, London, SW4 7UN. 

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