FG Projects 20% Growth in Equipment Leasing Sector Through ELRA-NCR Partnership

The Federal Government has forecasted a 20 percent growth in Nigeria’s equipment leasing sector, driven by a new strategic partnership aimed at enhancing asset-based financing nationwide.

This projection was announced by the Equipment Leasing Registration Authority (ELRA) following the formalisation of a collaboration with the National Collateral Registry (NCR). The initiative is intended to improve the registration and utilisation of movable assets as collateral for loans, boosting access to credit across the country.

In a statement released on Saturday, ELRA’s Head of Media and Corporate Communication, Brookslyn Adebola, said the partnership would create a more inclusive and secure credit system, particularly for small and medium-sized enterprises (SMEs). ELRA Registrar/CEO, Donald Wokoma, described the move as a crucial step toward enabling leased equipment to serve as viable loan security. He revealed that the leasing sector recorded ₦5.1 trillion in lease volume in 2024 and is projected to grow by 20% in 2025.

Wokoma emphasized that the initiative aligns with the government’s Renewed Hope Agenda focused on wealth creation and economic expansion. He also encouraged the NCR to intensify awareness campaigns and urged stakeholders to ensure all lease transactions are registered with ELRA. NCR Registrar, Xavier-Itam Okon, reiterated the registry’s dedication to partnering with financial institutions to promote secured lending, stating that movable assets must be fully recognised as valuable collateral.

Both agencies expressed optimism that the collaboration will foster long-term economic growth through increased financial inclusion, SME development, and job creation.