LAGOS – The Equipment Leasing Association of Nigeria (ELAN) has said that equipment leasing is a major financing tool that can bring the economy of Nigeria out of the woods.

This was contained in the 2021 outlook released by the association titled: “2021: A year of Cautious Optimism.”

The appeal of leasing is underscored in its developmental attributes of enhancing capital formation in the economy that drives job creation, revenue, better life and economic growth.

ELAN noted that “Rebuilding the economy requires enormous capital as the growing cost of assets, hinders capital formation in the economy.”

According to ELAN, “Government at all levels, must seek innovative and proactive ways in achieving its development – oriented initiatives.

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“One of these options is Equipment Leasing, a creative financing alternative, utilised globally to stimulate economic development and growth, economic recovery and resilience,” which is expected to accelerate the pace of Nigeria’s economic recovery, promote economic diversification, enhance competitiveness and ensure social inclusion.

It is opined that part of the process of the utilisation of leasing in facilitating developmental agenda would involve effective engagement with stakeholders to develop and implement plans that would bring the necessary integral support in order to deepen leasing penetration and contribution to economic activities in Nigeria.

ELAN therefore called on government at all levels to utilise leasing in driving their developmental agenda.

The overall essence of leasing is to enhance the planning, improvement and development of any economy by building and supporting productive ventures.

In Nigeria, the leasing remains an essential contributor to national economic development and continues to demonstrate innovation and flexibility in the face of economic turbulence.