FG digitises leasing sector, unveils board to drive private investment

The Federal Government has unveiled a Ministerial Project Approval Board (MPAB) and advanced a digital transformation partnership with the Equipment Leasing Registration Authority (ELRA), a move aimed at modernising Nigeria’s leasing industry, improving transparency, and boosting private investment.

Inaugurating the board in Abuja on Wednesday, Wale Edun, minister of finance and coordinating minister of the economy, said the initiative underscores the government’s commitment to reforms that leverage private capital and innovation to deliver tangible economic value.

The minister also chaired the board’s first review session, which considered a public-private partnership proposal from ELRA focused on digitalising the country’s equipment leasing ecosystem.

According to Edun, the new framework will ensure that all public-private partnerships (PPPs) under the ministry adhere to strict standards of due process, value for money and accountability.

He said the administration is determined to create an environment where the private sector can play a leading role in financing infrastructure and enterprise development.

“This administration is committed to partnerships that leverage private capital and innovation to deliver real economic value. Our focus is on reforms that stimulate investment, productivity and job creation,” Edun said. He added that the MPAB will serve as a key mechanism for accelerating responsible private-sector participation in major projects, while protecting the public interest.

The partnership with ELRA is designed to overhaul the leasing industry through the introduction of digital platforms, data transparency tools and capacity-building programmes. The reform is expected to expand access to equipment finance for small and medium-sized enterprises (SMEs) that depend on leasing to acquire machinery, vehicles and technology necessary for growth.

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Speaking at the event, Donald Wokoma,
ELRA Registrar and Chief Executive Officer, said the agency’s transformation plan aims to strengthen market efficiency and support enterprise-led growth. “Our goal is to build a transparent and technology-driven leasing ecosystem that empowers businesses, attracts investment and creates jobs,” Wokoma said.

Private-sector partners present at the inauguration reaffirmed their commitment to deploying financial and technological solutions that will improve the ease of doing business and promote sustainable economic growth.

Analysts say the establishment of the approval board signals a stronger institutional framework for PPPs within the ministry of finance, aligning with the government’s broader economic agenda of unlocking investment and improving productivity.