FG Boosts Youth Agribusiness with Farm Equipment Leasing
The Federal Government is ramping up efforts to make modern farming equipment more affordable for young Nigerians by promoting equipment leasing as a pathway to transform agriculture, create jobs and improve food production.
Driving the initiative is the Equipment Leasing Registration Authority (ELRA), working alongside agricultural institutions and development partners to give young agripreneurs easier access to tractors, harvesters, irrigation systems and other essential machinery without the financial burden of purchasing them outright.
Speaking at the grand finale of the fifth edition of the Agriculture, Youth and Technology (AYuTe) Nigeria Challenge, ELRA Registrar and Chief Executive Officer, Donald Wokoma, described equipment leasing as a game-changing solution that can remove one of the biggest barriers to youth participation in agribusiness.
He noted that the agency’s collaboration with Heifer International Nigeria is designed to bridge the mechanisation gap by enabling young farmers and agribusiness owners to access modern equipment, boost productivity and adopt more sustainable farming practices.
According to Wokoma, leasing provides a flexible financing model that allows entrepreneurs to utilise high-value agricultural machinery while avoiding the heavy upfront costs associated with ownership. He added that the approach helps businesses expand operations, improve efficiency and strengthen profitability without tying up scarce capital.
The initiative complements the Federal Government’s wider strategy to modernise Nigeria’s agricultural sector through innovative financing and mechanisation. Earlier this year, ELRA entered into a partnership with the National Agricultural Development Fund (NADF) to broaden access to agricultural machinery across the country using finance leases, operating leases and lease-to-own arrangements.
Beyond equipment leasing, the government has introduced several programmes aimed at attracting more young people into agriculture. One of them is the Youth in Agribusiness Land Trust Fund (YiALTF), developed with the International Institute of Tropical Agriculture (IITA), which provides access to farmland, finance, mechanisation services, business incubation and mentorship.
Stakeholders believe the expanded leasing model will improve farm productivity, encourage innovation across the agricultural value chain and position agribusiness as a more profitable career option for Nigeria’s growing youth population.
The government maintains that strengthening access to mechanisation through strategic partnerships and flexible financing remains a key pillar of its agenda to drive economic growth, enhance food security and build a more competitive agricultural sector.
