According to the 2023 World Leasing Yearbook, (an Euromoney Publication), Nigeria now ranks 41st position in the top 50 leasing countries up from 50th position in 2022.
The global leasing industry reported an impressive rise of 9.3% in new business volumes in 2021 as global economies emerged from lockdown and equipment investment rebounded. The top 50 countries reported new business volume of US$1,463.19bn in 2021 which is up from US$1,338.19bn in 2020. The Report shows that the global leasing industry has grown 84% in the past decade.
Three regions, North America, Europe and Asia, account for 96% of world leasing volume. North America experienced an increase in new business of 7.4%, Europe was up 7.8%. Business in Asia was up 11.4% making it the second largest region after North America. Elsewhere, South America was up by a very impressive 74%. Australia/New Zealand was up 1.1%, and Africa was up 9.3%. Nigeria is among the three African countries that made the top 50 countries alongside South Africa and Morocco.
For the Nigerian leasing industry, outstanding lease volume as at Q1 2022 stood at N2.629trillion as against N2.587trillion in Q4 2021, recording a 1.6% growth quarter on quarter, and over N14.3trillion in the past decade. This unique financing option will continue to contribute to national economic growth, essentially, with the plans of government to stimulate further development in the economy will no doubt, make leasing more relevant as an alternative option especially to the MSMEs.