Equipment leasing for youth agribusiness is becoming a major focus of the Federal Government as it seeks to improve farming productivity, strengthen food security and support young entrepreneurs.
According to the Equipment Leasing Registration Authority (ELRA), affordable leasing options will help young entrepreneurs access modern farming equipment without paying huge upfront costs.
The authority made this known at the grand finale of the fifth edition of the Agriculture, Youth and Technology Nigeria (AYuTe Nigeria) Challenge.
Heifer International Nigeria organised the event on Tuesday. Meanwhile, ELRA renewed its partnership with the organisation to improve young entrepreneurs’ access to productive assets.
The Registrar and Chief Executive Officer of ELRA, Donald Wokoma, said lack of equipment remains a major challenge for many young entrepreneurs.
However, he noted that many youths have good ideas and technical skills but lack the tools needed to expand their businesses.
According to Wokoma, equipment leasing offers a practical financing option for young entrepreneurs.
Through this model, businesses can access tractors, irrigation systems, agro-processing machines and other assets without paying large initial costs.
As a result, improved access to equipment can increase agricultural output and strengthen value chains.
“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,” he said.
In addition, Wokoma announced plans for the ELRA-Heifer Youth Enterprise Leasing Initiative.
The initiative will connect leasing firms, financial institutions, equipment manufacturers and development partners with youth-owned businesses.
Furthermore, he said the programme would provide access to tractors, irrigation facilities, cold storage systems, delivery vehicles, renewable energy solutions and ICT equipment.
According to him, the initiative will improve financial inclusion, create jobs and support economic growth.
The ELRA boss also praised Heifer International Nigeria for supporting youth entrepreneurship and agricultural innovation through the AYuTe Nigeria Challenge.
He described the programme as a major platform for developing young agribusiness leaders.
Similarly, the Country Director of Heifer International Nigeria, Dr Lekan Tobe, said the challenge was created to attract more youths to agriculture.
He explained that the programme uses technology and innovation to improve Nigeria’s food systems.
Beyond the annual competition, Tobe said the initiative provides mentorship, business support, networking and investment opportunities.
Therefore, he noted that these services help young entrepreneurs build scalable agritech businesses.
The Minister of State for Agriculture and Food Security, Dr Aliyu Abdullahi, also reaffirmed the government’s support for young agripreneurs.
He urged young innovators to adopt technologies such as artificial intelligence, drone technology and precision farming.
According to Abdullahi, these tools can help modernise agriculture and increase productivity.
Meanwhile, he assured participants that the government would improve access to land, finance, farm inputs and strategic partnerships.
At the event, Kelechi Oleka, founder of Kyoko Foods Limited, emerged as the overall winner of the 2026 AYuTe Nigeria Challenge.
As the winner, he received a $20,000 grant.
Bello Amos-Bwala, founder of AgriGoo Trades and Commodity, won the second prize of $12,000.
Meanwhile, Udokanma George, founder of Yemert Nigeria Limited, received $8,000 after finishing third.
The event also featured a university roadshow showcase and a panel discussion on youth-led agritech innovation.
In addition, organisers unveiled 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.
The focus areas include mechanisation, youth participation, food security and private-sector investment.
However, stakeholders say limited access to machinery and affordable financing remains a major challenge for young farmers.
For this reason, they believe equipment leasing can provide a practical solution.
The model allows entrepreneurs to use productive assets while preserving their working capital.
Ultimately, the AYuTe Nigeria Challenge, organised annually by Heifer International Nigeria, supports young agritech entrepreneurs.
The programme provides grants, mentorship, technical support, market access and investment opportunities.
Through these efforts, young innovators can develop solutions that improve farming, strengthen value chains and support food security.
