The Federal Government has forecast a 20 per cent growth in Nigeria’s equipment leasing sector in 2025, following a new partnership aimed at deepening asset-based financing and strengthening credit access across the country.
The Equipment Leasing Registration Authority (ELRA) disclosed the projection after signing a collaboration agreement with the National Collateral Registry (NCR) to enhance the registration and use of movable assets as loan security.
In a statement issued on Saturday, ELRA’s Head of Media and Corporate Communication, Brookslyn Adebola, said the initiative would create a more secure and inclusive credit environment, particularly for small and medium-sized enterprises (SMEs).
ELRA’s Registrar and Chief Executive Officer, Donald Wokoma, described the partnership as “timely and essential,” noting that leased equipment would now serve as credible collateral for financing.
“The leasing sector recorded ₦5.1 trillion in lease volume in 2024, and we project 20 per cent growth in 2025,” Wokoma said. “Sustainable financing will enable lessors to expand operations while giving SMEs the tools they need to grow. This aligns with the Renewed Hope Agenda on wealth creation and revenue generation.”
He urged the NCR to scale up sensitisation campaigns and ensure stakeholders register all lease transactions with ELRA to strengthen transparency in the sector.
Responding, NCR’s Registrar, 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 expand opportunities for entrepreneurs who would otherwise struggle to access credit,” he said.
Both agencies expressed confidence that the collaboration would deliver long-term benefits, including job creation, SME empowerment and nationwide economic growth.
