The leasing industry in Nigeria recorded a growth of 23.2 per cent in 2024, with the value of outstanding leases rising to N5.17tn, up from N4.19tn in 2023, the Equipment Leasing Association of Nigeria has stated.
In a statement from the association on Sunday, new leases also reached a peak of N973.3bn during the period, as the sector sustained its resilience amid persistent macroeconomic and global challenges.
According to data from the ELAN, the industry’s contribution to the Nigerian economy over the past decade is estimated at N24.6tn.
A breakdown of sectoral distribution showed that the oil and gas sector accounted for the largest share with N1.38tn or 26 per cent of total leases.
Transportation and logistics followed with N1.18tn or 21 per cent, while manufacturing recorded N734.3bn, representing 13 per cent.
The telecoms sector posted N462.2bn (9 per cent), agriculture N378.6bn (8.5 per cent), and government N345.3bn (7.5 per cent). Other sectors, including education and healthcare, accounted for N686bn or 15 per cent.
