Leasing companies ‘have to work together’ to foster economic growth

Andrew Otike- Odibi, chief executive officer (CEO) of C&I Leasing Plc, has asked stakeholders in the leasing industry to deepen collaboration to ensure sustainable socioeconomic development in Nigeria.

Speaking during the 18th national lease conference organised by the Equipment Leasing Association of Nigeria (ELAN), he said if the opportunities in the industry are fully harnessed, economic growth in Nigeria will become feasible, despite the challenges of the COVID-19 pandemic.

“The economy has opened so much that you cannot find businesses going after transactions individually,” he said.

“Leasing companies have come of age where we can come together and collaborate to do more kinds of transactions, both big ticket companies as well as small and medium enterprises while bringing our unique skills and strengths into those transactions. We need to come together and collaborate, either for transactions or collaborate for long term businesses.

“I will like to see the leasing industry collaborate more among ourselves to grow the economy, because there is so much more that can be done within a short period of time if we all come together and have a common interest. We will see the impact, COVID or no COVID. The sector is one that has not been scratched at all and if we come together and invest in that sector, the impact will not only be financial, but also social because then we will create employment and empower Nigerians and impact on the country will be positive.”

Emphasising the need for leasing companies to evolve due to the COVID-19 pandemic, Otike-Odibi said asset utilisation must be optimised, focus should be skewed towards improved efficiency and innovative business solutions should be projected to clients.