Govt promotes equipment leasing to boost youth agribusiness

Nigeria's Federal Government, through the Equipment Leasing Registration Authority (ELRA), is actively promoting equipment leasing as a vital strategy to enhance agricultural productivity, ensure food security, and empower young Nigerians in agribusiness. ELRA has reaffirmed its partnership with Heifer International Nigeria to improve young entrepreneurs' access to productive assets via affordable leasing options.

ELRA's Registrar and CEO, Donald Wokoma, identified the lack of access to modern equipment and technology as a significant barrier for many young entrepreneurs, despite their innovative ideas and skills. He explained that equipment leasing offers a practical financing model, allowing entrepreneurs to acquire necessary assets like tractors, irrigation systems, and agro-processing machines without the burden of substantial upfront capital. Wokoma emphasized that this improved access would not only help youth-owned enterprises scale but also boost agricultural output and strengthen value chains.

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As longstanding partners, ELRA and Heifer International Nigeria remain committed to expanding access to productive assets for young entrepreneurs through innovative leasing solutions that will unlock business growth, improve productivity, strengthen agricultural value chains and create sustainable jobs.

"As longstanding partners, ELRA and Heifer International Nigeria remain committed to expanding access to productive assets for young entrepreneurs through innovative leasing solutions that will unlock business growth, improve productivity, strengthen agricultural value chains and create sustainable jobs," Wokoma stated. The ELRA and Heifer International Nigeria plan to deepen their collaboration through the proposed ELRA-Heifer Youth Enterprise Leasing Initiative. This initiative will connect leasing companies, financial institutions, equipment manufacturers, and development partners with youth-owned businesses, providing access to a range of productive assets including tractors, cold storage systems, and ICT equipment. The program is expected to significantly contribute to financial inclusion, agricultural productivity, job creation, and Nigeria's overall economic transformation.

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the initiative would provide affordable access to tractors, irrigation facilities, agro-processing equipment, cold storage systems, delivery vehicles, renewable energy solutions, Information and Communications Technology equipment and other productive assets needed to grow businesses.