By Samson Echenim

CHAIRMAN, Equipment Leasing Association of Nigeria, ELAN, Mr. Olutoyin Okeowo has called on the Federal Government to consider equipment leasing as an option to boost the nation’s economy.

Okeowo stated this at the 16th National Lease Conference, which was held recently in Abeokuta, Ogun State with the theme “Enhancing the Value Proposition of Equipment Leasing to Nigeria’s Economy.”

Okeowo said: “this year’s event is essentially aimed to further propagate the ideals of leasing to national economic development  and stimulate more valuable investments at this period where the economy is still struggling to get out of the woods.

“Indeed, the attributes of leasing which centre on easy and convenient access to capital equipment, can be brought to bear to support the government’s developmental initiatives and achieve inclusive growth. Essentially, leasing can provide the integral support for the massive investment in infrastructure, mining, agriculture, among others, that would stimulate production and employment.

“In Nigeria, the impactful visibility of leasing is increasing, contributing to capital formation in the economy and creating wealth. In 2017, outstanding lease volume was estimated at N1.44 trillion, up from N1.26 trillion in 2016, representing a growth rate of 14.5 per cent. Assets worth over N8.98 trillion has been financed in the past ten years and can significantly improve with the right support for the industry.”