ELRA Seeks Operators’ Collaboration for Better Leasing Regulatory Environment

Dike Onwuamaeze

The Chairman/CEO of the Equipment Leasing Registration Authority (ELRA), Mr. Saidu Njidda, has called on stakeholders in the industry to synergise with ELRA to engender a regulatory environment that would tackle poor access to long term funding for leasing businesses, and address high incidence of lack of equipment and machinery for setting up businesses, expanding existing ones.

Njidda, also tasked operators in the leasing industry to support the administration of President Bola Ahmed Tinubu’s drive to propel leasing business in the country and provide access to capital as part of the 8-Point Agenda of the President Tinubu’s administration.

He said: “May I pause to recommend that all industry players take advantage of this nascent agency (ELRA) by partnering and synergising with us to achieve this very important feat.

“Furthermore, I urge all prospective investors and other corporate organisations at all levels to also take advantage of the new vistas opened by the establishment of ELRA.”

Njidda made the call during the recently concluded National Lease Conference of the Equipment Leasing Association of Nigeria (ELAN), which brought together all stakeholders to see to the growth of the nation’s economy through leasing, which he said, is apt and in tandem with the Renewed Hope Agenda of this administration.

He added 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.”

He also tasked operators to analyse the imperative of equipment leasing to the attainment of the economic growth agenda of this administration, adding that deliberations during the conference would further entrench the imperatives of equipment leasing to developmental initiatives and “the outcome of today’s deliberation will go a long way in supporting the current administration’s drive in propelling leasing and providing access to capital as part of the 8-Point Agenda of the President Tinubu’s administration.

“I am convinced that this will be one of the game changers in turning around the economic fortunes of this country towards the Renewed Hope Agenda and to pull the country out of economic doldrums and move it to the highest level among comity of nation’s where it rightfully belongs. I therefore, once again, congratulate ELAN for putting together this conference.”

Njidda, noted that the ELRA, which is an agency under the Federal Ministry of Finance, was established by an act of the National Assembly under the Equipment Leasing Act 2015 as a revenue generation agency with the mandate to register lease agreement, monitor banks and other financial institutions with regards to leasing, enhance capital asset formation and attracting investment into the country.

He said: “By this development, efforts to tackle high incidence of lack of equipment and machinery for set up businesses, expansion of existing businesses, regulation of the sector as well as economic growth through access to funding and leasing windows shall be addressed.

“No nation and its citizens attain such high economic growth without fully exploring and harnessing the leasing option. This, ELRA has come to fill. All challenges of this sector shall be articulated and addressed through this window.”