Govt Advocates Equipment Leasing to Empower Youth Agribusiness

The Federal Government, via the Equipment Leasing Registration Authority (ELRA), is promoting equipment leasing as a vital strategy to enhance agricultural productivity, strengthen food security, and empower young Nigerians in agribusiness. This announcement was made during the grand finale of the fifth edition of the Agriculture, Youth and Technology Nigeria Challenge, organized by Heifer International Nigeria.

Donald Wokoma, the Registrar and Chief Executive Officer of ELRA, highlighted that inadequate access to modern equipment and technology hinders young entrepreneurs despite their innovative ideas. He emphasized that equipment leasing offers a practical financing model, allowing access to tractors, irrigation systems, and agro-processing machines without significant upfront costs.

The ELRA and Heifer International Nigeria plan to deepen their collaboration through the proposed ELRA-Heifer Youth Enterprise Leasing Initiative, which aims to connect youth-owned businesses with leasing companies and financial institutions. This initiative is expected to improve financial inclusion, agricultural productivity, and job creation, contributing to Nigeria's economic transformation.