ELAN urges governments to utilise leasing in development agenda

Members of the Equipment Leasing Association of Nigeria, ELAN, have unanimously urged governments at all levels to utilise leasing in its developmental agenda, as a practical solution to achieving set policy initiatives

Speaking at the 15th Annual National Lease Conference in Lagos, recently, the stakeholders noted that in 2016, outstanding lease volume was estimated at N1.26 trillion, up from N1.1 trillion in 2015, representing a growth rate of 14 per cent. They said assets worth over N6.89trillion have been financed in the past 10 years, and can significantly improve with the right support for the industry.

With the theme, “Leasing and Capital Formation in the Nigerian Economy,” the stakeholders added that the leasing industry is willing to collaborate with governments to achieve set economic initiatives

According to the Chairman Board of Directors, ELAN, Chuka Onwucheka, Leasing companies should be allowed to access pension, sovereign wealth fund, and the various intervention funds for development in specific sectors of the economy. He also urged the Government through relevant bodies like the Central Bank of Nigeria (CBN), and the Bank of Industry (BoI), should facilitate the development of specialised financial instruments and funding windows for leasing.

Through these the leasing industry will engage in innovative products to unleash the potential of small and medium enterprises (SMEs) and enable them reach their full potential.He said the Leasing Act is a major framework on leasing, and ELAN will work with other stakeholders to fast track its implementation, especially the operations of the Equipment Leasing Registration Authority.

Onwucheka also promised that the leasing industry will increase its advocacy and lease awareness campaign, engaging with Governments and other stakeholders.

Conclusively, he noted that significant progress can be made in moving the industry forward with effective engagement and goodwill from stakeholders, as the leasing industry remains committed, and willing to continue to enhance its value propositions to national economic development.

Key papers and subjects included: Managing the Lease Portfolio: Protective Mechanisms, Funding and Profitability Considerations, by Andrew Otike-Odibi, MD/CEO C&I Leasing Plc; and Creating Wealth, Generating Employment and Poverty Alleviation: The Leasing Initiative, by Godwin Ehigiamusoe, MD/CEO LAPO Microfinance Bank Limited.

Others were Exploring the Emerging Opportunities in the Leasing Industry: Product Development & Success Factors, by Patrick Iniovosa, MD/CEO Stirling Trust Company Limited; and Promoting the Customers’ Rights as Essential Ingredients for Successful Leasing Business, by Babatunde Irukera, DG/CEO Consumer Protection Council (CPC).