The Federal Government has projected a 20 percent growth rate for Nigeria’s equipment leasing sector, following a new partnership designed to strengthen asset-based financing across the country.
The projection was announced by the Equipment Leasing Registration Authority after it formalised a collaboration with the National Collateral Registry to improve the registration and use of movable assets as security for loans.
In a statement issued on Saturday by ELRA’s Head of Media and Corporate Communication, Brookslyn Adebola, the partnership aims to foster a more secure and inclusive credit environment for businesses, particularly small and medium-sized enterprises.
“This initiative is timely and essential for creating an enabling environment where leased equipment can serve as credible security for financing in Nigeria,” said ELRA’s Registrar/CEO, Donald Wokoma.
Wokoma disclosed that the leasing sector recorded ₦5.1 trillion in lease volume in 2024, with a 20% growth forecast for 2025, adding that sustainable financing would enable lessors to expand their operations and provide SMEs with essential tools for growth.
“This aligns perfectly with the Renewed Hope Agenda on wealth creation and revenue generation,” he added.
He further urged the NCR to intensify sensitisation campaigns and encourage stakeholders to register all lease transactions with ELRA.
In his response, the Registrar of the NCR, Xavier-Itam Okon, reaffirmed the registry’s commitment to working with banks and financial institutions to promote secured lending.
“Our goal is to ensure movable assets are fully recognised as bankable collateral. This partnership will deepen financial inclusion and create opportunities for entrepreneurs who would otherwise struggle to access credit,” Okon said.
Both agencies expressed confidence that the partnership would unlock long-term benefits, including job creation, SME empowerment, and nationwide economic growth.
