Govt promotes equipment leasing to boost youth agribusiness

The Federal Government, through the Equipment Leasing Registration Authority, has said expanding access to equipment leasing is critical to boosting agricultural productivity, strengthening food security and empowering young Nigerians to build sustainable agribusinesses.

The authority made this known at the grand finale of the fifth edition of the Agriculture, Youth and Technology Nigeria Challenge organised by Heifer International Nigeria on Tuesday, where it reaffirmed its strategic partnership with the development organisation to improve young entrepreneurs’ access to productive assets through affordable leasing solutions.

Speaking at the event, the Registrar and Chief Executive Officer of ELRA, Donald Wokoma, said inadequate access to equipment and modern technology remained one of the biggest obstacles preventing many young entrepreneurs from scaling their businesses despite possessing innovative ideas and technical skills.

According to him, equipment leasing provides a practical financing model that allows entrepreneurs to acquire tractors, irrigation systems, agro-processing machines and other productive assets without the burden of huge upfront capital costs.

He stressed that improving access to productive equipment would not only help youth-owned enterprises expand but also increase agricultural output, strengthen value chains and support Nigeria’s quest for food security.

“As longstanding partners, ELRA and Heifer International Nigeria remain committed to expanding access to productive assets for young entrepreneurs through innovative leasing solutions that will unlock business growth, improve productivity, strengthen agricultural value chains and create sustainable jobs,” Wokoma said.

The ELRA boss disclosed that the authority and Heifer International Nigeria would deepen their collaboration through the proposed ELRA-Heifer Youth Enterprise Leasing Initiative, designed to connect leasing companies, financial institutions, equipment manufacturers and development partners with youth-owned businesses.

He explained that “the initiative would provide affordable access to tractors, irrigation facilities, agro-processing equipment, cold storage systems, delivery vehicles, renewable energy solutions, Information and Communications Technology equipment and other productive assets needed to grow businesses.”

According to Wokoma, the initiative was expected to deepen financial inclusion, improve agricultural productivity, create jobs and contribute significantly to Nigeria’s economic transformation.

He commended Heifer International Nigeria for consistently investing in youth entrepreneurship, innovation and agricultural development through the AYuTe Nigeria Challenge, describing the programme as one of the country’s leading platforms for nurturing young agribusiness leaders.

Also speaking, the Country Director of Heifer International Nigeria, Dr Lekan Tobe, said the AYuTe Nigeria Challenge was established to make agriculture more attractive to young people by leveraging innovation and technology to transform Nigeria’s food systems.

He noted that beyond the annual competition, “the programme provides mentorship, business development support, networking opportunities and investment linkages that enable promising entrepreneurs to build scalable agritech businesses capable of creating jobs and improving livelihoods.”

The Minister of State for Agriculture and Food Security, Dr Aliyu Abdullahi, also reaffirmed the Federal Government’s commitment to supporting young agripreneurs through strategic investments, innovation and partnerships aimed at accelerating agricultural transformation.

He urged young innovators to embrace emerging technologies, including artificial intelligence, drone technology and precision farming, to modernise agriculture and improve productivity.

Abdullahi assured participants that the Federal Government would continue to create an enabling environment through improved access to land, finance, quality farm inputs and strategic partnerships.

At the grand finale, Kelechi Oleka, Founder of Kyoko Foods Limited, emerged overall winner of the 2026 AYuTe Nigeria Challenge and received a $20,000 grant.

Bello Amos-Bwala, Founder of AgriGoo Trades and Commodity, won the second prize of $12,000, while Udokanma George, Founder of Yemert Nigeria Limited, received $8,000 for finishing third.

The event also featured a university roadshow showcase, a panel discussion on youth-led agritech innovation for food systems transformation and the unveiling of three Nigerian winners who will represent the country at the continental AYuTe Africa Challenge.

The Federal Government has continued to prioritise agriculture under President Bola Tinubu’s Renewed Hope Agenda, with a focus on mechanisation, youth participation, food security and private-sector investment. The administration has identified increased agricultural productivity as a key strategy for reducing food inflation, creating jobs and strengthening Nigeria’s economy.

However, stakeholders say one of the biggest challenges confronting young farmers and agribusiness owners remains limited access to machinery, modern equipment and affordable financing. Equipment leasing has increasingly been promoted as a viable solution because it enables entrepreneurs to use productive assets without making large upfront investments, allowing businesses to grow while preserving working capital.

The Agriculture, Youth and Technology Nigeria Challenge, organised annually by Heifer International Nigeria, has become one of Africa’s agritech innovation platforms. The initiative supports young entrepreneurs with grants, mentorship, technical assistance, market access and investment opportunities to develop technology-driven solutions that improve smallholder farming, strengthen agricultural value chains and enhance food security across the continent.