Govt agencies sign MoU to expand agricultural machinery leasing

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. He added that the programme is aimed at addressing financing constraints that limit farmers’ access to mechanised equipment, while also encouraging private sector participation in agricultural leasing and equipment financing. As part of the agreement, he said, “ELRA will oversee the registration of lease agreements, maintain records of agricultural equipment under lease arrangements, help in structuring tailor-made lease models that will take due cognisance of the nature of agriculture, and support compliance with leasing regulations. Related News 2026 WFSSD: Agriculturist seeks food security, safety Growing financial burden of healthy diet Israel partners Nigeria on agriculture, donates ambulances “NADF will provide advisory support and facilitate capacity-building programmes related to agricultural equipment operations.” Wokoma further noted that the partnership is expected to bring together financial institutions, equipment manufacturers, leasing firms, development partners, and state governments in the implementation of agricultural mechanisation initiatives. The registrar said the collaboration would help strengthen sustainable mechanisation systems, boost agricultural productivity, and improve food security outcomes nationwide. He added that the MoU would remain in effect for an initial period of four years, subject to