The Equipment Leasing Registration Authority and the National Agricultural Development Fund have signed a Memorandum of Understanding aimed at expanding access to agricultural machinery through structured leasing arrangements, in a move to strengthen Nigeria’s food security drive.
The agreement was signed in Abuja on Tuesday by the Registrar/Chief Executive Officer of ELRA, Donald Wokoma, and the Executive Secretary/Chief Executive Officer of NADF, Mohammed Ibrahim.
In a statement issued on Wednesday by ELRA’s Head of Media and Corporate Communication, Adebola Sunday, it was disclosed that the partnership is designed to improve access to tractors, harvesters, irrigation systems, processing equipment, and other agricultural assets for farmers, cooperatives, and agribusiness operators.
The statement quoted Wokoma as saying that the collaboration provides a framework for both agencies to expand affordable access to agricultural machinery through different leasing structures.
According to him, the initiative will support the development and implementation of various agricultural equipment leasing models, including finance leases, operating leases, lease-to-own arrangements, and other structures permitted under the Equipment Leasing Act.
