The Federal Government has identified equipment leasing as a key strategy for improving agricultural productivity, enhancing food security, and supporting young Nigerians to build successful agribusinesses.
This position was reiterated by the Equipment Leasing Registration Authority (ELRA) during the grand finale of the fifth edition of the Agriculture, Youth and Technology (AYuTe) Nigeria Challenge organised by Heifer International Nigeria.
At the event, ELRA reaffirmed its partnership with Heifer International Nigeria, aimed at expanding young entrepreneurs’ access to tractors, agro-processing equipment, irrigation systems, and other productive assets through affordable leasing arrangements.
Speaking at the programme, the Registrar and Chief Executive Officer of ELRA, Donald Wokoma, said many young entrepreneurs possess innovative ideas but struggle to grow their businesses because they lack access to modern equipment and technology.
He explained that equipment leasing provides an alternative financing model that enables businesses to use essential machinery without paying the full purchase cost upfront.
According to Wokoma, improving access to productive assets will help youth-led enterprises expand, increase agricultural output, strengthen value chains, and contribute to Nigeria’s food security goals.
He also announced plans to deepen collaboration with Heifer International Nigeria through the proposed ELRA-Heifer Youth Enterprise Leasing Initiative, which is expected to connect leasing firms, financial institutions, equipment manufacturers, development partners, and youth-owned businesses.
Beyond the annual competition, the initiative will also provide mentorship, business development support, networking opportunities, and investment connections to help young entrepreneurs build sustainable agritech businesses.
The Minister of State for Agriculture and Food Security, Dr. Aliyu Abdullahi, reaffirmed the Federal Government’s commitment to promoting youth participation in agriculture through strategic investments, innovation, and partnerships.
He encouraged young agripreneurs to adopt emerging technologies such as artificial intelligence, drone technology, and precision farming to improve efficiency and increase agricultural productivity.
The minister also assured participants that the government would continue implementing policies aimed at improving access to land, finance, quality farm inputs, and other resources needed to grow the agricultural sector.
At the competition, Kelechi Oleka, founder of Kyoko Foods Limited, emerged as the overall winner of the 2026 AYuTe Nigeria Challenge and received a grant of $20,000.
Bello Amos-Bwala of AgriGoo Trades and Commodity secured second place with a $12,000 grant, while Udokanma George of Yemert Nigeria Limited won the third prize of $8,000.
The event also featured exhibitions, discussions on youth-driven agricultural innovation, and the unveiling of three Nigerian representatives who will participate in the continental AYuTe Africa Challenge.
The Federal Government continues to prioritise agricultural development under the Renewed Hope Agenda, focusing on mechanisation, youth empowerment, food security, and increased private-sector investment.
Stakeholders, however, maintain that limited access to equipment and affordable financing remains one of the biggest challenges facing young farmers, making equipment leasing an increasingly important solution for expanding agribusinesses and boosting economic growth.
