FG Launches Project Approval Board, Digitalizes Leasing to Boost SME Finance
By Patience Ikpeme
The Federal Government has inaugurated the Ministerial Project Approval Board (MPAB) and advanced a landmark digital transformation partnership with the Equipment Leasing Registration Authority (ELRA).
The initiative aims to digitize regulatory processes, strengthen market transparency, and expand access to equipment finance for Nigerian businesses, particularly Small and Medium Enterprises (SMEs) that rely on leasing to acquire machinery, vehicles, and technology essential for growth.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, inaugurated the MPAB in his office in Abuja today and immediately presided over its first review session, considering a public-private partnership proposal from ELRA to modernize Nigeria’s leasing industry.
The Minister confirmed that the Board will serve as a key mechanism to fast-track responsible private-sector investment under the Ministry, ensuring that Public-Private Partnerships (PPPs) are structured to protect public interest while enabling sustainable economic development. He also stressed that the Board will uphold rigorous standards of due process, value for money, and accountability across all PPPs.
“This administration is committed to partnerships that leverage private capital and innovation to deliver real economic value. Our focus is on reforms that stimulate investment, productivity, and job creation,” the Minister said.
Edun noted that the Board’s mandate is to ensure that private-sector collaboration is seamlessly integrated into the Ministry’s investment strategy.
Speaking earlier, the ELRA Registrar and CEO, Mr. Donald Wokoma, presented the transformation plan. The plan includes the deployment of digital platforms, industry development initiatives, and capacity-building programmes designed to deepen participation in the leasing sector and support enterprise-led growth.
Private-sector partners confirmed their commitment to deploying technology and finance solutions that broaden business access to leasing and strengthen the operating environment.
A statement from the Ministry of Finance noted that the inauguration of the Ministerial Project Approval Board and the advancement of the ELRA digital transformation partnership mark significant milestones in Nigeria’s economic development.
It concluded that the Federal Government remains committed to fostering partnerships that drive economic growth, investment, and job creation, and looks forward to working with private sector partners to achieve these goals.
