Leasing industry hits N5.1trn lease volume in 2024

Nigeria’s leasing industry has continued to demonstrate resilience and growth, recording ₦5.1 trillion in lease volume in 2024, with projections of 20 percent growth in 2025, according to the Equipment Leasing Registration Authority (ELRA).

The Registrar and Chief Executive Officer of ELRA, Donald Wokoma, disclosed this during a meeting in Abuja where the agency formalised a strategic partnership with the National Collateral Registry (NCR).

The collaboration is aimed at strengthening equipment leasing and expanding access to finance by improving the registration of movable assets.

ELRA’s Head of Media and Corporate Communications, Brookslyn Adebola, confirmed the development, noting that the alliance brings together executives and technical experts from both institutions to promote secured transactions and deepen Nigeria’s credit system.

Speaking at the event, Wokoma expressed satisfaction with the sector’s performance, stressing that leasing has become a critical enabler of business growth.

“The leasing sector recorded about ₦5.1 trillion in lease volume in 2024, with a projected 20 percent growth in 2025. This initiative is both timely and essential for creating an enabling environment where leased equipment can serve as credible security for financing,” he said.

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He added that sustainable financing through leasing would enable operators to expand and provide small and medium enterprises (SMEs) with the tools needed to scale their businesses.

“This aligns with the Renewed Hope Agenda on wealth creation and revenue generation,” Wokoma noted.

He also urged the NCR to support sensitisation campaigns to encourage stakeholders to register all lease transactions with ELRA for improved transparency and efficiency.

In his response, NCR’s Registrar, Xavier-Itam Okon, reaffirmed the agency’s commitment to driving financial inclusion and supporting businesses through secured transactions.

“Our goal is to ensure that movable assets are fully recognised as bankable collateral. By working with ELRA, we are deepening financial inclusion and creating opportunities for entrepreneurs who would otherwise struggle to access credit,” Okon said.

Okon further explained that ongoing reforms by the NCR have already boosted investor confidence and attracted more foreign capital into Nigeria’s financial system.

Both institutions expressed optimism about the long-term benefits of the partnership, pledging to implement joint action plans that will ease financing for lessors, empower SMEs, create jobs, and stimulate economic growth across the country.

NIGERIAN TRIBUNE