The Federal Government of Nigeria has inaugurated the Ministerial Project Approval Board (MPAB), alongside promoting a digital transformation partnership with the Equipment Leasing Registration Authority (ELRA). These initiatives aim to modernize Nigeria’s leasing industry and improve access to equipment finance for businesses, particularly small and medium-sized enterprises (SMEs).

Key Objectives:

• Digitizing regulatory processes in the leasing sector.
• Enhancing transparency in the market.
• Supporting SMEs in acquiring machinery, vehicles, and technology essential for growth.

Minister of Finance, Wale Edun, presided over the MPAB’s inauguration in Abuja and oversaw its first review session, which included consideration of a public-private partnership (PPP) proposal from ELRA to transform the equipment leasing sector.

Edun emphasized:

• Strict adherence to due process, value for money, and accountability in PPP evaluations.
• Commitment to leveraging private capital and innovation to stimulate investment, productivity, and job creation.
• Alignment with President Bola Tinubu’s economic agenda, focusing on industrial growth, better access to credit, and a more enabling business environment.

The MPAB will serve as a central mechanism to accelerate responsible private-sector investment while safeguarding public interest and promoting sustainable economic development.