The Equipment Leasing Registration Authority (ELRA) and the NATIONAL COLLATERAL REGISTRY (NCR) have entered into a strategic partnership to strengthen equipment leasing and expand access to finance through the registration of movable assets in Nigeria.
This is disclosed in a statement made available to newsmen in Abuja on Saturday by the Head, Media and Corporate Communication of ELRA, Brookslyn Adebola.
Adebola said the collaboration, formalised at a meeting between executives and technical experts from both institutions, seeks to promote secured transactions and build a more inclusive credit system for businesses across the country.
He quoted the Registrar/CEO of ELRA, Donald Wokoma, to have said that the leasing sector had shown resilience and growth, recording about ₦5.1 trillion in lease volume in 2024, with a projected 20 percent growth in 2025.
“This initiative is timely and essential for creating an enabling environment where leased equipment can serve as credible security for financing in Nigeria.
“With sustainable financing, lessors can expand operations and provide SMEs with the tools they need to grow.
“This aligns with the Renewed Hope Agenda on wealth creation and revenue generation,” he said.
Wokoma also called on the NCR to support sensitisation efforts and encourage stakeholders to register all lease transactions with ELRA.
Responding, the Registrar of the NCR, Xavier-Itam Okon, reaffirmed the registry’s commitment to promoting secured transactions in partnership with banks and finance companies.
Okon noted that reforms by the NCR have already attracted more foreign capital into Nigeria’s financial system.
“Our goal is to ensure that movable assets are fully recognised as bankable collateral. By working with ELRA, we are deepening financial inclusion and creating opportunities for entrepreneurs who would otherwise struggle to access credit,” Okon said.
Both organisations expressed confidence in the long-term benefits of the partnership, pledging to implement joint action plans that will enable lessors to access financing more easily.
According to the two institutions, the initiative will play a key role in empowering small and medium-sized enterprises (SMEs), creating jobs and driving economic growth nationwide.
