November 04, 2009

THE banking industry remains the main source of funding for leasing activities in Nigeria. Apart from developing varieties of lease finance products, banks provide financial support for the independent leasing companies. However, recent glitches by way of the international economic crisis and the bank reforms by the Central Bank of Nigeria (CBN) have not gone without its strain on the sector.

At the recent Equipment Leasing Association of Nigeria (ELAN), National Lease Conference, various professionals bared their mind on the prevailing problems of the sector.In his paper titled: "The Role Of Banks in the development Of the Nigerian Leasing Industry with the theme: Leasing an Innovative Financing Option For Socio-Economic Development,'' Managing Director, Skye Bank Plc, Mr. Akinsola Akinfemiwa said this also means that as the banks credit contracts, the independent operators would be starved of funds to expand their business volume.