Economy

Leasing expert seeks deeper industry collaboration for socioeconomic devt

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Mr Andrew Otike-Odibi, Managing Director, C&I Leasing Plc, has called for deepening of collaborative efforts between stakeholders in the leasing industry.

Otike-Odibi made the call during the 18th National Lease Conference organised by the Equipment Leasing Association of Nigeria (ELAN), which held virtually.

He said the deepening of collaborative efforts was to enable the industry take full advantage of its potential to ensure sustainable socioeconomic development in Nigeria.

According to him, the full harnessing of opportunities in the leasing industry, backed by partnership between “big ticket” operators and smaller businesses, would engender feasible economic growth in the near term.

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

“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.

“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-19 or not.

“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 the impact on the country will be positive,” he said.

On strategies leasing companies should adopt to remain competitive, the C&I Leasing MD said asset utilisation must be optimised.

He said that focus should be skewed toward improved efficiency and innovative business solutions should be projected to clients.

“There are a lot of things that have come up now, with the COVID-19 challenge that we woke up to.

“Our traditional way of running businesses, of being very asset heavy, must change as asset dependent businesses are tooled down when there is a downturn in the economy.

“An evolution of the industry shows that from operating leases, we are now moving into a service-based model.

“So, it goes without saying that there is a need to optimise asset utilisation, improve efficiency and take advantage of technological explosion.

“Now, practitioners must go back to the drawing board and rethink the leasing concept with the current realities and then come up with value added solutions for their clients,” he said.

Edited By: Oluwole Sogunle
(NAN)

Rukayat Moisemhe

Rukayat Moisemhe: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a media subscriber of the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.ng. Disclaimer.

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