Leasing Industry Boosts Nigeria’s GDP with N8.9 Trillion

Enterprise Television- Leasing Industry Boosts Nigeria’s GDP with N8.9 Trillion

The chairman, Board of Directors of Equipment Leasing Association of Nigeria (ELAN), Olutoyin Okeowo, has said that the leasing industry added assets worth over N8.09 trillion to capital formation in the Nigerian economy in the last 10years.

Okeowo, who disclosed this in Lagos at a press conference, said in 2017, outstanding lease volume stood at N1.44 trillion, up from N1.26 trillion in 2016, representing a growth rate of 14.5 per cent.

“The impact 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 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’’

He said this year’s conference of the association with the theme “Enhancing the Value Propositions of Leasing to Nigeria’s Economy”, will hold on November, 15, at Mitros Residences Hotel, Ibara – Abeokuta, Ogun State.

He explained that the programme is designed to stimulate valuable investments for sustainable growth and development in our national economy.

‘’Essentially, it is expected to further entrench the value propositions of equipment leasing to developmental initiatives, explore the emerging opportunities in our national economy, and create effective platform for business networking.

Also, the conference will provide direct engagement platform to tap into the new horizon of Ogun State Government “Ogun State is Open For Business”.  In recent years the State is fast turning into a major industrial hub and provides enormous business opportunities for leasing.

According to him, the conference  is expected to attract high net worth professionals and organisations from within and outside leasing industry, including government, financial institutions, lessors, professional service providers, equipment vendors, insurance firms, investing public etc, with renowned experts discussing relevant topics that would further engender the contributions of leasing to the development of the Nigerian economy.

He implored all stakeholders to be part of the 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.

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