The Chairman of the Equipment Leasing Association of Nigeria (ELAN), Mrs. Elizabeth Ngozi Ehigiamusoe, has revealed that the Nigerian leasing industry grew by 23 per cent in 2022 and recorded N3.18 trillion transactions in 2022 against N2.58 trillion in 2021.
Ehigiamusoe stated this during the recently concluded 21st National Lease Conference of ELAN with the theme, “Propelling Economic Recovery and Growth: The Leasing Initiative,” held in Lagos.
Ehigiamuose explained that the theme was informed by the need to highlight the beauty of leasing as a creative financing alternative to enhance productive capacity, create wealth and sustain economic development.
She said: “Today, the impact of leasing is pronounced in all sectors of the economy, enhancing capital formation, generating employment and creating wealth. Outstanding leases in Nigeria in 2022 amounted to N3.18.trn as against N2.58trn in 2021 representing 23.2 per cent growth.
“In the last decade, leasing contribution to capital formation in the economy is in excess of N16.3 trillion. Leasing is becoming more relevant in our prevailing economic situation, especially to Micro Small and Medium Scale Enterprises (MSMEs) given the high cost of assets.”
Also speaking during the conference, the Chairman/CEO of Equipment Leasing Registration Authority (ELRA), Mr. Saidu Njidda, said that “there is no gainsaying in the fact that leasing, if properly harnessed, will propel economic growth and help chart a cause that will benefit and reshape the economy.
“I am particularly elated by the fact that this conference brings together all the stakeholders to see to the growth of the nation’s economy through leasing which is apt and in tandem with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration. There is no gainsaying in the fact that leasing, if properly harnessed, will propel economic growth and help chart a cause that will benefit and reshape the economy.”
