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FG to unveil equipment leasing registration agency today

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The Federal Government of Nigeria will today, Monday, November 6, formally unveil the Equipment Leasing Registration Authority in Abuja.

The unveiling ceremony will be performed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

ELRA is a key driver and facilitator of two of the 8-point Agenda of the Tinubu Administration, ‘Access to Capital and Job Creation’.

The Authority was established under Section 8 of the Equipment Leasing Act, 2015. Its Board was inaugurated in May 2022 by the former Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed.

The 11-member Board comprises Engr. Saidu Njidda (Executive Chairman), Barr. Bassey Imoh (Registrar/Secretary), and representatives of the Central Bank of Nigeria (CBN), Small and Medium Enterprises Development Agency of Nigeria, Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture, Federal Ministry of Finance, Federal Ministry of Justice, Federal Ministry of Trade and Investment, and the Equipment Leasing Association of Nigeria.

The implementation of the Equipment Leasing Act heralds a new era of enhanced revenue generation for Nigeria, as the industry is capable of generating an estimated total volume of $1.5 trillion globally, accounting for 20 percent of total investment in equipment and contributing about 1.5 percent of Gross Domestic Product.

According to the Executive Chairman of the Board of ELRA, the implementation of the Equipment Leasing Act, a viable alternative to loans heralds a new area of enhanced revenue generation given that the industry is capable of generating an estimated total volume of $1.5 trillion globally accounting for 20 percent of total investment in equipment and contributing about 1.5 percent of Gross Domestic Product (GDP).

The whole essence of Leasing is to enhance the planning, improvement and development of any economy, by building and supporting productive ventures, through capital formation, generating employment and creating wealth,” he said.

The Equipment Leasing Registration Authority (ELRA) is expected to regulate the industry with support from the Government.

 

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