Leasing key to unlocking informal sector, boosting economy – DG, CPC

The Director-General of Consumer Protection Council (CPC), Mr. Babajide Irukera, has charged stakeholders in the leasing industry to intensify awareness campaigns about leasing, adding that it holds the key to unlocking the embedded potential of Nigeria’s informal sector, while boosting Africa’s largest economy.

Speaking at the 15th annual national lease conference, organized by the Equipment Leasing Association of Nigeria (ELAN), held recently in Lagos at Renaissance Hotel, Ikeja,Lagos, with the theme: ‘‘Leasing And Capital Formation in The Nigerian Economy’’, Irukera harped on the need for stakeholders to develop the right products and educating potential beneficiaries on the accruable benefits to attract the informal sector.

He explained on how leasing can grow the Micro Small and Medium Enterprises (MSMEs), and its contributions in helping small businesses to provide the tools they need, maintain them and manage their businesses to yield the desired profit.

According to him, essentially, what it is with the informal sector is that people are really ready to carry on with their businesses. Many of them don’t have access to finance. They don’t have anything to securitize the loans to get the tools and equipment they need.

“In addition, many of them are very small businesses, and they don’t know how to maintain the tools, as well as how to sustain the tools, which are the key inventories that their businesses need.

“The leasing system provides the tools, maintains the tools and helps them to manage their business in a profitable manner”, he added.

On his part, Chairman Board of Directors, ELAN, Mr. Chuka Onwuchekwa, called on government at all levels to leverage the attributes of leasing, which centre on easy access to capital equipment to support investment in infrastructure, agriculture, manufacturing and solid minerals to stimulate production and employment.

Onwuchekwa charged the government to factor the leasing industry into its development agenda, pledging the support and commitment of the leasing industry to achieving set out economic initiatives.

In the same vein, the Executive Secretary, ELAN, Mr. Andrew Efurhievwe, wants the appetite of the leasing companies to be stimulated to do more for the informal sector, noting that it can only be done with the right support.

Efurhievwe said that, with the right support from stakeholders and the right environment, MSMEs will get it right.

Motolani Oseni