FG inaugurate project approval board, advances ELRA digital transformation partnership

Mariam Abeeb

The Federal Government has taken a decisive step towards enhancing economic growth and development with the inauguration of the Ministerial Project Approval Board (MPAB) and the advancement of a landmark digital transformation partnership with the Equipment Leasing Registration Authority (ELRA).

In a statement issued by the Head of Media and Corporate Communication of ELRA, Mr. Adebola Brookslyn Sunday said the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, inaugurated the MPAB and presided over its maiden review session, which considered a public-private partnership proposal from ELRA aimed at modernising Nigeria’s leasing industry.

The initiative seeks to digitize regulatory processes, strengthen transparency, and expand access to equipment finance particularly for Micro, Small, and Medium Enterprises (MSMEs) that depend on leasing to acquire machinery, vehicles, and technology critical to their operations.

Commending the quality and clarity of the proposal, Mr. Edun reaffirmed the Federal Government’s commitment to due process, value for money, and accountability in all public-private partnerships (PPPs).

“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 stated.

The Minister further noted that the MPAB will serve as a key mechanism for accelerating responsible private-sector investment under the Ministry, ensuring that all PPP projects are structured to safeguard public interest while driving sustainable national development.

Presenting the transformation plan earlier, the Registrar/Chief Executive Officer of ELRA, Mr. Donald Wokoma, outlined strategic components of the initiative, including the deployment of digital platforms, industry development programmes, and capacity-building efforts to deepen participation in the leasing sector and promote enterprise-led growth.

Managing Director of Century Information Systems Limited, Mr. Abdul Balarabe, the Private-sector partner, reaffirmed its commitment to supporting the initiative through technology-driven and financial solutions that enhance business access to leasing and strengthen the overall operating environment.

The Board urged lessors, lessees, and leasing companies to register their lease agreements with ELRA, which confers legal recognition and enforceability on lease transactions, enhances investor confidence, and provides data-driven insights that support business growth.

The inauguration of the MPAB and the advancement of the ELRA digital transformation partnership mark significant milestones in Nigeria’s economic reform under the Renewed Hope Agenda of the Federal Government in fostering strategic collaborations that drive investment, create employment opportunities, and build a more resilient and competitive economy.