Nigeria’s equipment leasing industry is moving toward greater structure and transparency as regulators push for full compliance with lease registration requirements — a step industry leaders say could unlock new financing opportunities and accelerate national development.
The Equipment Leasing Association of Nigeria (ELAN) has urged all leasing companies and lessors to register their agreements with the Equipment Leasing Registration Authority (ELRA), describing the move as a critical reform for improving investor confidence, data accuracy, and access to capital.
During a capacity-building programme themed “Equipment Leasing: From Principle to Practice,” ELAN’s Executive Secretary, Andrew Emonuwa, said the registration drive is essential to modernizing Nigeria’s financing landscape. He explained that leasing remains a lifeline for sectors such as agriculture, construction, healthcare, manufacturing, and transportation, where access to equipment determines business survival and growth.
“Registering leases with ELRA goes beyond compliance — it builds credibility, enhances transparency, and ensures the industry operates with global best practices,” Emonuwa noted.
He added that consistent registration would help stimulate capital formation, improve access to equipment for SMEs, and create new jobs, thereby deepening Nigeria’s economic resilience.
Donald Wokoma, Chief Executive Officer of ELRA, described the renewed collaboration between the two institutions as a “strategic partnership for national growth,” emphasizing that better regulation and cooperation within the leasing ecosystem will attract both local and foreign investment.
By formalizing lease registration, Nigeria is signaling its intent to transform equipment leasing from an underregulated activity into a structured financial tool that supports industrial productivity and sustainable economic expansion.
