ELAN: Equipment Leasing Contributes N14.3trn to
Nigeria’s GDP

Dike Onwuamaeze

The Equipment Leasing Association of Nigeria (ELAN) has disclosed that leasing sector has contributed more than N14.3 trillion to the Nigeria’s gross domestic product in the past 10 years.

The ELAN made this disclosure recently during its 27th Annual General Meeting (AGM) that saw the election of Mrs. Ngozi Elizabeth Ehigiamusoe as the new Chairman of the association, who pledged to ensure that leasing would continue to improve its contributions to the country’s
economic development.

The ELAN said: “Today, the impact of leasing is pronounced in all sectors of the economy, enhancingcapital formation, generating employment and creating
wealth.

“The contribution of leasing in the past 10 years is in excess of N14.3trillion and is becoming more relevant in our prevailing economic situation, especially to Small and Medium Scale Enterprises (SMEs). Indeed leasing can play a major role in the actualisation of the various economic plans of the Government, to stimulate growth. “Over the years, ELAN has been promoting economic and
developmental growth through leasing, working with government and development partners, to provide the much-needed integral support for national economic growth.”

It added that equipment leasing globally is a creative
financing alternative that facilitates access to capital
equipment to enhance the planning, improvement and
development of any economy by building and supporting
productive ventures.

The ELAN, which has been supporting economic
development since its inception, was established in 1983,
primarily to promote the business of leasing in Nigeria.
Its membership is made up of banks, finance houses,
independent leasing companies, insurance companies,
equipment vendors as well as professional firms and
individuals.

Other members of the newly elected board of ELAN are
the Managing Director and CEO of Frontline Trust Limited,
Mr. Tunde Netufo, who emerged the vice chairman of

ELAN; the General Manager, Corporate Banking Group,
Sterling Bank Plc, Mr. Adegboyega Adegun; the Managing
Director/CEO of Coscharis Mobility Limited, Mr. Christian
Chigbundu.

Others are the Managing Director/CEO of C&I Leasing
Plc, Mr. Ugoji Lenin Ugoji; the Managing Director/CEO of
Keves Global Leasing Limited, Mr. Ikenna Okafor; the
Managing Director/CEO of Nikky Taurus Nigeria Limited,
Adenike Ibirogba; the Managing Director/CEO of Lecon
Financial Services Limited, Mr. Taiye Emagha, and the
Managing Director/CEO of Aquila Leasing Limited, Mr.
Nnamdi Nwankwo.