Firms push affordable equipment leasing to scale youth-led agribusiness

The Equipment Leasing Registration Authority (ELRA) and Heifer International Nigeria have strengthened their partnership to expand affordable equipment leasing for young entrepreneurs, in a move aimed at unlocking access to productive assets, boosting agribusiness growth and accelerating job creation.

 

The renewed commitment was announced at the grand finale of the fifth edition of the Agriculture, Youth and Technology (AYuTe) Nigeria Challenge in Abuja, where stakeholders stressed that improving access to equipment, technology and financing is critical to boosting agricultural productivity, creating jobs and strengthening Nigeria’s food security.

 

This was contained in a press statement issued on Tuesday in Abuja by Adebola Brookslyn Sunday, Head of Media and Corporate Communications of ELRA.

 

Speaking at the event, Donald Wokoma, Registrar and Chief Executive Officer of ELRA, said equipment leasing remains a practical financing solution for young entrepreneurs who possess innovative ideas but lack the capital to acquire machinery and technology needed to scale their businesses.

 

He noted that leasing enables entrepreneurs to access productive assets without making huge upfront investments, allowing them to pay over time from income generated by the equipment.

 

“As longstanding partners, ELRA and Heifer International Nigeria remain committed to expanding access to productive assets for young entrepreneurs through innovative leasing solutions that will unlock business growth, improve productivity, strengthen agricultural value chains and create sustainable jobs,” Wokoma said.

 

According to him, the partnership will be strengthened through the proposed ELRA–Heifer Youth Enterprise Leasing Initiative, which aims to connect leasing companies, financial institutions, equipment manufacturers and development partners to provide affordable leasing opportunities for youth-owned businesses.

 

The initiative is expected to improve access to tractors, irrigation systems, agro-processing equipment, cold storage facilities, delivery vehicles, renewable energy solutions, ICT equipment and other productive assets required to increase business productivity and competitiveness.

 

Wokoma said the collaboration would also deepen financial inclusion, stimulate agricultural productivity, strengthen food security and contribute to Nigeria’s broader economic transformation.

 

He commended Heifer International Nigeria for sustaining investments in youth entrepreneurship through innovation, skills development and livelihood support, describing the AYuTe Nigeria Challenge as a platform that continues to nurture the next generation of agribusiness leaders.

 

Also speaking, Lekan Tobe, Country Director of Heifer International Nigeria, said the AYuTe Nigeria Challenge was established to make agriculture more attractive to young people by leveraging innovation and technology to transform Nigeria’s food systems.

 

He explained that beyond the annual competition, the programme provides mentorship, business development support, networking opportunities and investment linkages that enable promising agritech entrepreneurs to build scalable businesses capable of creating jobs and improving livelihoods.

 

On his part, Aliyu Abdullahi, Minister of State for Agriculture and Food Security, reaffirmed the Federal Government’s commitment to supporting young agripreneurs through strategic investments, innovation and partnerships aimed at accelerating agricultural transformation.

 

He encouraged young innovators to embrace emerging technologies such as artificial intelligence, drone technology and precision farming to modernise agricultural production, while assuring them of government’s commitment to improving access to land, finance, quality farm inputs and strategic partnerships.

 

The event also recognised outstanding agritech innovators under the 2026 AYuTe Nigeria Challenge.

 

Kelechi Oleka, founder of Kyoko Foods Ltd., emerged overall winner and received a US$20,000 grant, while Bello Amos-Bwala, founder of AgriGoo Trades and Commodity, won the second prize of US$12,000. Udokanma George, founder of Yemert Nigeria Ltd., secured third place with a grant of US$8,000.