FG unveils project approval board, advances digital reform in equipment leasing

The Federal Government has launched a new Ministerial Project Approval Board (MPAB) and moved forward with a major digital partnership aimed at transforming Nigeria’s equipment leasing sector.

According to a statement by the Head of Media and Corporate Communications at the Equipment Leasing Registration Authority (ELRA), Mr. Adebola Sunday, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, inaugurated the board and chaired its first meeting.

At the session, the board reviewed a proposal from ELRA designed to modernise Nigeria’s leasing industry through technology and private-sector collaboration. The plan focuses on making regulatory processes fully digital, promoting transparency, and improving access to equipment financing—especially for small businesses that rely on leasing to get machinery, vehicles, and technology for their daily operations.

Commending the proposal, Mr. Edun said the government remains committed to partnerships that deliver value for money and strengthen accountability.

“This administration is committed to partnerships that leverage private capital and innovation to deliver real economic value. Our focus remains on reforms that stimulate investment, productivity, and job creation,” he said.

The Minister added that the new approval board will serve as a vital tool for attracting responsible private investment while ensuring all projects under the Ministry protect public interest and contribute to long-term development.

Presenting the digital transformation plan, the Registrar and Chief Executive Officer of ELRA, Mr. Donald Wokoma, explained that the initiative will introduce digital platforms, industry training programmes, and capacity-building efforts.

These steps, he said, are aimed at making the leasing industry more efficient, inclusive, and supportive of enterprise growth.

Also speaking, the Managing Director of Century Information Systems Limited, Mr. Abdul Balarabe, who represents the private sector partner on the project, reaffirmed his company’s commitment to using technology to expand business access to leasing opportunities and create a more stable operating environment.

The board urged all lessors, lessees, and leasing firms to register their lease agreements with ELRA. Registration, it noted, gives legal recognition to transactions, builds investor confidence, and provides reliable data for business planning and growth.

The creation of the MPAB and the rollout of ELRA’s digital transformation initiative represent key steps in the Federal Government’s Renewed Hope Agenda. Both are expected to encourage investment, create more jobs, and build a stronger, more competitive economy.