L-R: Wole Olomojobi, MD/CEO Cypress Leasing & Inv. Ltd; Ifeanyi Ogbor, MD/CEO Assetkap Investment Ltd; Alex Mbakogu, Chief Operating Officer/Group Deputy Managing Director, C&I Leasing Plc; Ehigiamusoe Elizabeth Ngozi (Mrs), Chairman, Equipment Leasing Association of Nigeria (ELAN); Tunde Netufo, Vice Chairman ELAN; Debola Agunbiade, MD/CEO Candourcrest Africa Ltd; Emmanuel Metuaghan, (PhD.) Director, Planning, Strategy & Coordination ELRA and Andrew Emonuwa, Executive Secretary, ELAN, during the 23rd National Lease Conference organised by ELAN recently in Lagos.
Stakeholders in the leasing industry have said collaboration within and outside the industry is a key tool for expansion in the sector.
At the recent 23rd national lease conference of the Equipment Leasing Association of Nigeria (ELAN) that was held in Lagos under the theme, ‘Enhancing Growth and Sustainability in the Nigerian Equipment Leasing Industry’, they noted that partnership with other players in the leasing sector can drive growth and national expansion of the sector.
Elizabeth Ehigiamusoe, chairman of the board of directors at ELAN, said the equipment leasing sector represents about 20 percent of total investment in equipment and contributes roughly 1.5 percent to global Gross Domestic Product (GDP).
According to her, equipment leasing has long been established as a creative financing alternative that enhances capital formation and supports economic growth.
Read also: Transport, oil top growth drivers in Nigeria’s N5.2trn leasing industry
“The global leasing industry continues to play a pivotal role in providing access to productive equipment, helping businesses of all sizes to thrive, and supporting governments’ developmental initiatives,” she said.
Ehigiamusoe added that with strategic partnerships, the sector could contribute more in terms of job creation, technological advancement, and international trade.
“Leasing today underpins critical segments of our economy — oil and gas, transportation, manufacturing, telecommunications, healthcare, agriculture, and construction.”
She disclosed that the sector recorded an expanded growth in 2024 with 23.2 percent, with the value of outstanding leases growing to N5.16 trillion, up from N4.19 trillion in 2023.
“New lease contracts in the same year stood at approximately ₦973 billion, while cumulative leasing volume over the past decade is estimated at N24.6 trillion,” said Ehigiamusoe.
The overall essence of leasing is to enhance the planning, improvement, and development of any economy by building and supporting productive ventures.
Muda Yusuf, chief executive officer of the Centre for the Promotion of Private Enterprise (CPPE), reiterated that partnerships remain a strong tool for economic growth and fund pooling.
“Strategic alliances and ecosystem partnerships are necessary to expand value networks and risk-sharing capacity. We need to embed insurance and guarantees in lease contracts to mitigate default and asset risks,” he noted.
Read also: Leasing in Nigeria: A hidden engine for inclusive growth
For Yusuf, industry collaboration, including joint leasing or syndications for large ticket financing, can drive a stronger market reach, cut down on costs and build collaborative risk-sharing infrastructure.
Also, stakeholders stressed the role of technology and cultural awareness to expand the leasing industry in Africa’s most populous nation.
Alex Mbakogu, chief operating officer at C & I Leasing, highlighted the role of financial technology firms in enhancing leasing services through digital platforms and financial products.
He urged the adoption of technology to expand leasing penetration across Nigeria.
The annual event brought together several players in the equipment leasing sector, including lessors and lessees, as well as regulators in the sector.
