The leasing sector in Nigeria has contributed over N16.3tn to the economy in the last 10 years.
The chairman of Equipment Leasing Association of Nigeria, Elizabeth Ehigiamusoe, who made this disclosure in a statement, said the sector is becoming more relevant to Small and Medium Scale Enterprises in the country, due to the increasing cost of productive assets.
ELAN advocated the use of leasing as a creative financing alternative to enhance capital formation and drive economic growth in Nigeria.
In a statement issued on Tuesday, the association said that leasing can be used to propel economic recovery and growth in the country.
The chairman of ELAN, Elizabeth Ehigiamusoe, said, “Leasing has over the years gained significant global recognition as a creative financing alternative for the acquisition of capital assets.
“The whole essence of leasing is to enhance the planning, improvement, and development of any economy by building and supporting productive ventures. Since its inception in Nigeria, leasing has been supporting economic development. Today, the impact of leasing is pronounced in all sectors of the economy, enhancing capital formation, generating employment, and creating wealth.”
“Leasing can play a major role in the actualisation of the economic agenda of the present administration, to stimulate growth, and with the current economic realities, leasing can do much more for every stakeholder. The fact that leasing facilitates long and convenient access to capital equipment goes to show the unique role of leasing in building and supporting productive ventures,” she stated.
According to the ELAN boss, the unique attributes of leasing will be the main conversation at the 21st National Lease Conference organised by the association, scheduled for November. With the theme ‘Propelling Economic Recovery and Growth: The Leasing Initiative,’ the conference is set to attract stakeholders and provide a platform for them to discuss issues pertinent to the development of leasing in Nigeria.
