The Federal Government has taken a significant step towards driving economic growth and development with the inauguration of the Ministerial Project Approval Board (MPAB) and the advancement of a landmark digital transformation partnership with the Equipment Leasing Registration Authority (ELRA).
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who inaugurated the Ministerial Project Approval Board (MPAB) in his office in Abuja today, also presided over its first review session, considering a public-private partnership proposal from the Equipment Leasing Registration Authority (ELRA) to modernise Nigeria’s leasing industry.
The initiative aims to digitise regulatory processes, strengthen market transparency, and expand access to equipment finance for Nigerian businesses, particularly SMEs that rely on leasing to acquire machinery, vehicles, and technology critical for growth.
In a statement by the Director, Information and Public Relations, Mohammed Manga, the Minister commended the project’s clarity and 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,” he said.
Edun noted that the Board will serve as a key mechanism to fast-track responsible private-sector investment under the Ministry, ensuring PPPs are structured to protect public interest while enabling sustainable economic development.
Speaking earlier, the ELRA Registrar and CEO Mr. Donald Wokoma presented the transformation plan, which includes digital platforms, industry development initiatives, and capacity-building programmes designed to deepen participation in the leasing sector and support enterprise-led growth.
He said private-sector partners reaffirmed their commitment to deploying technology and finance solutions that broaden business access to leasing and strengthen the operating environment.
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.
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.