The Federal Government is targeting a 20 percent growth rate in Nigeria’s equipment leasing industry, following a new strategic partnership designed to expand asset-based financing and deepen credit access across the country.
The Equipment Leasing Registration Authority (ELRA) announced the projection after formalising a collaboration with the National Collateral Registry (NCR). The alliance will focus on improving the registration and recognition of movable assets as security for loans, a move officials say could transform credit availability for small and medium-sized enterprises (SMEs).
In a statement issued on Saturday, ELRA’s Head of Media and Corporate Communication, Brookslyn Adebola, said the initiative is expected to strengthen financial inclusion and enhance investor confidence in the leasing space.
“This initiative is timely and essential for creating an enabling environment where leased equipment can serve as credible security for financing in Nigeria,” ELRA Registrar/CEO, Donald Wokoma, stated.
Wokoma disclosed that the leasing sector recorded ₦5.1 trillion in lease volume in 2024, with a projected 20 percent growth in 2025. According to him, sustainable financing will empower lessors to expand operations while enabling SMEs to acquire vital tools for productivity and expansion.
“This aligns perfectly with the Renewed Hope Agenda on wealth creation and revenue generation,” he added, while urging the NCR to intensify sensitisation campaigns and ensure stakeholders register lease transactions with ELRA.
On his part, the Registrar of the NCR, Xavier-Itam Okon, reaffirmed the agency’s commitment to securing greater acceptance of movable assets as bankable collateral.
“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 SME empowerment, job creation, and overall economic growth across Nigeria.
