ELAN to deepen leasing penetration in Nigeria’s economy

In furtherance of its objective of promoting the business of leasing in Nigeria, Equipment Leasing Association of Nigeria (ELAN) has concluded plans to bring to fore the value propositions of leasing to Nigeria’s economic development and deepen lease penetration in the economy.

ELAN said it will be organising its 15th Annual National Lease Conference with focus on the economy, while gathering stakeholders in the leasing industry to further intensify the relevance of leasing, its value propositions and developmental initiatives as well creating effective platform for business networking. The theme for this year’s conference is “Leasing and Capital Formation in the Nigerian Economy”, holding on Thursday, 16th November, 2017 at the Renaissance Hotel, Ikeja Lagos.

The event, which marks the 15th Anniversary of the National Lease Conference, is expected to attract major stakeholders in the Nigerian leasing industry value chain including government, financial institutions, lessors, professional service providers, equipment vendors, insurance firms, investing public etc.

While commenting on the event, the Executive Secretary, Andrew Efurhievwe, stated that the conference has been a platform for brainstorming on issues pertinent to the development of leasing in Nigeria and the economy. He confirmed that renowned experts will discuss relevant topics that would further engender the contributions of leasing to the development of the Nigerian economy. He further commented that, leasing has over the years gained significant global recognition as a creative financing alternative for the acquisition of capital assets.

“In Nigeria, it has continued to contribute to national development, creating wealth and improving the economy. In the last 10 years, the leasing industry added assets worth over N4.65trillion to capital formation in the Nigerian economy”.

In 2016, outstanding lease volume stood at N1.26trillion, up from N1.1trillion in 2012, representing a growth rate of 14 percent. The impactful visibility of leasing is increasing in various sectors of the economy and exhibits a brighter future given its developmental attributes. The appeal of leasing lies in the fact that it meets the diverse needs of the equipment user.

The whole essence of leasing therefore is to enhance the planning, improvement and development of any economy. The fact that leasing facilitates long and convenient access to capital equipment goes to show the unique role of leasing in building and supporting productive ventures especially to those that do not have significant asset base. Thus, a company can conserve its funds for other productive purposes rather than spending heavily on the purchase of assets

The Executive Secretary therefore called on all stakeholders to be a part of this great event to leverage business networking opportunities, leasing value propositions and market dynamics.