The Equipment Leasing Registration Authority (ELRA) and the National Agricultural Development Fund (NADF) have entered into a strategic partnership designed to increase farmers’ access to agricultural equipment and support efforts to strengthen food security in Nigeria.
The collaboration was formalised through the signing of a Memorandum of Understanding (MoU) in Abuja by ELRA Registrar and Chief Executive Officer, Donald Wokoma, and NADF Executive Secretary and Chief Executive Officer, Mohammed Ibrahim.
According to a statement issued by ELRA’s Head of Media and Corporate Communication, Adebola Brookslyn Sunday, the agreement establishes a framework for cooperation between the two organisations aimed at facilitating affordable access to agricultural machinery and equipment for farmers, cooperatives and agribusiness operators.
The statement quoted Wokoma as saying that the partnership would promote access to tractors, harvesters, irrigation facilities, processing equipment and other critical agricultural assets through structured leasing arrangements.
He explained that both agencies would jointly design and implement a range of leasing options, including finance leases, operating leases, lease-to-own schemes and other arrangements recognised under the Equipment Leasing Act.
Wokoma noted that the initiative seeks to tackle financing constraints that often prevent farmers and agribusinesses from acquiring modern equipment, while also encouraging greater private sector participation in agricultural leasing and equipment financing.
“As part of the agreement, 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.
“NADF will provide advisory support and facilitate capacity-building programmes related to agricultural equipment operations,” he said.
The ELRA chief further stated that the partnership would bring together financial institutions, equipment manufacturers, leasing firms, development partners and state governments to drive agricultural mechanisation projects nationwide.
He added that the collaboration is expected to promote sustainable mechanisation, boost farm productivity and contribute significantly to improved food security across the country.
Wokoma also disclosed that the Memorandum of Understanding will remain valid for an initial four-year period and may be renewed upon mutual agreement by both parties.
