As part of efforts to entrench the value proposition of leasing to national economy, Equipment Leasing Association of Nigeria (ELAN) is organising the 18th National Lease Conference. The conference is the biggest gathering of stakeholders in the leasing industry and a platform for brainstorming on issues pertinent to the development of leasing in Nigeria and the economy at large. The theme for this year’s conference is “Adapting to the New World Order in Covid 19 Economy: The Leasing Initiative”.
According to ELAN, the conference is packaged to stimulate valuable investments for sustainable growth and development in our national economy. Essentially, it is expected to promote the value propositions of leasing to Government ‘s efforts at re-inflating the economy at this challenging time, while creating a wider and effective platform for business networking.
The Nigerian leasing industry remains an essential contributor to national economic development and continues to demonstrate innovation and flexibility in the face of economic turbulence. The industry maintained its growth trajectory – recording more than a decade of uninterrupted growth. Available statistics show that business volume grew by 13.5 percent in 2019, rising from outstanding lease volume of N1.68trillion in 2018 to N1.91trillion in 2019. This growth is a testament to the attraction of leasing and its market potential, facilitated by enhanced lease awareness, increasing demand for leasing services – necessitated by the rising cost of assets and stimulation of domestic production; increased investment and participants as well as relative stability in the macroeconomic environment.
The Chairman of the Association, Dr. Olutoyin Okeowo, while commenting on the event stated that, “essentially, the attraction of leasing is embedded in its developmental attributes. Leasing is unique as it facilitates easy and convenient access to desired equipment needed for productive purposes, contributing to capital formation in the economy. Leasing reaches out and meet the diverse equipment needs of various categories of customers, be it large corporate organisations or small venture owners, providing them with affordable and quality services tailored to their needs. The overall essence of leasing is to enhance the planning, improvement and development of any economy by building and supporting productive ventures”.
In today’s realty, the developmental attributes of leasing can be brought to bear on efforts to stimulate the economy and get it out of the woods. For instance, leasing can facilitate the actualisation of key project initiatives of the Nigeria Economic Sustainability Plan (NESP), other intervention programmes and indeed the overall economic agenda of Government. Specifically, for Government to achieve the desired deliverables in its priority areas – agriculture, infrastructure, manufacturing, mining etc, massive investment in capital assets is required and with the paucity of funds, this task appears daunting. There is therefore the need for Government to adopt a proactive and innovative approach to attract the necessary investment. This is where equipment leasing comes handy.
The event, is expected to assemble stakeholders from both the organised private sector and Government, cutting across various sectors including manufacturing, transportation, mining, healthcare, service sectors etc, with renowned experts discussing relevant topics, that would further engender the contributions of leasing to the development of the Nigerian economy, even at this challenging times.
The Chairman therefore called on all relevant stakeholders to be a part of this great event to leverage business networking opportunities, leasing value propositions and market dynamics, reiterating that the conference offers a veritable platform to further enhance corporate visibility and get partners more connected to their target markets. The conference shall be held virtually on Thursday, 19th November, 2020.