The Federal Government of Nigeria has taken a major step to boost economic growth and private-sector participation with the inauguration of the Ministerial Project Approval Board (MPAB) and the advancement of a digital transformation partnership with the Equipment Leasing Registration Authority (ELRA).
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, inaugurated the MPAB in Abuja and presided over its first review session, which considered a public-private partnership proposal from ELRA aimed at modernising the nation’s leasing industry.
The partnership seeks to digitise regulatory processes, enhance market transparency, and improve access to equipment finance for Nigerian businesses, particularly small and medium-sized enterprises (SMEs) that rely on leasing to acquire machinery, vehicles, and technology essential for growth.
Minister Edun praised the project’s clarity and emphasized that the MPAB would ensure strict adherence to due process, value for money, and accountability in all public-private partnerships (PPPs). He reiterated the administration’s commitment to initiatives that leverage private capital and innovation to deliver tangible economic benefits, including investment, productivity, and job creation.
“The Board will serve as a key mechanism to fast-track responsible private-sector investment under the Ministry, ensuring PPPs protect public interest while promoting sustainable economic development,” Edun said.
Earlier, ELRA’s Registrar and CEO, Mr. Donald Wokoma, presented the transformation plan, which includes digital platforms, industry development initiatives, and capacity-building programs to increase participation in the leasing sector and support enterprise-led growth. Private-sector partners also reaffirmed their commitment to deploying technology and finance solutions to broaden business access to leasing and strengthen the sector’s operating environment.
The inauguration of the MPAB and the ELRA digital transformation partnership are seen as significant milestones in Nigeria’s economic development, underscoring the Federal Government’s commitment to fostering partnerships that drive investment, growth, and job creation.
