In a move aimed at strengthening transparency, accountability, and private-sector investment, the Federal Government has officially launched the Ministerial Project Approval Board (MPAB) under the Ministry of Finance.
The initiative is designed to fast-track public-private partnerships (PPPs) and modernize regulatory processes across Nigeria’s economic landscape.
The unveiling, which took place at the Ministry’s headquarters in Abuja, was presided over by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who also inaugurated the Board and chaired its maiden review session.
According to a statement released by the Ministry on Wednesday, the Board’s establishment aligns with President Bola Tinubu’s economic renewal agenda aimed at improving ease of doing business, promoting innovation, and facilitating capital flow into key sectors of the economy.
Ministerial Project Approval Board to Promote Efficiency and Accountability
The creation of the Ministerial Project Approval Board marks a major step in institutional reforms within the Ministry of Finance.
The Board will serve as a centralized platform to evaluate and approve major PPP initiatives, ensuring that every project meets the government’s standards of due process, value for money, and fiscal responsibility.
During the inauguration, Mr. Edun emphasized that the MPAB would strengthen the Ministry’s oversight of PPPs and encourage private-sector partnerships that align with national development priorities.
“This administration is committed to partnerships that leverage private capital and innovation to deliver real economic value,” he said.
“Our focus is on reforms that stimulate investment, productivity, and job creation.”
He explained that the Board’s role is not only to accelerate the review and approval of viable projects but also to safeguard public interest through transparent and competitive procedures.
“We are building an investment-friendly framework that guarantees confidence for both local and international partners,” he added.
ELRA Partnership to Boost Digital Transformation in Equipment Leasing
As part of its maiden session, the Ministerial Project Approval Board reviewed a major proposal from the Equipment Leasing Registration Authority (ELRA) — a public-private partnership project targeted at transforming Nigeria’s equipment leasing industry.
The project seeks to digitize regulatory processes within the sector, promote transparency, and expand access to equipment financing for businesses — especially small and medium-sized enterprises (SMEs).
The collaboration will enable companies to acquire essential tools, vehicles, and machinery necessary for their operations without prohibitive upfront costs.
In line with this goal, the partnership aims to enhance the efficiency of the leasing market through digital innovation, ensuring that SMEs can access financing more easily while regulators maintain full visibility over transactions.
According to the statement, the initiative will also provide the government with valuable data to track sector performance, reduce default risks, and improve financial inclusion.
Aligning with President Tinubu’s Economic Reform Agenda
Mr. Edun reaffirmed that the launch of the Ministerial Project Approval Board and the strategic partnership with ELRA are consistent with President Tinubu’s Renewed Hope economic agenda.
The agenda prioritizes industrial development, infrastructure growth, and private-sector-led investment as key drivers of sustainable economic recovery.
“The Board is a catalyst for investment-led growth,” Edun noted.
“By modernizing how projects are evaluated and approved, we are not only improving transparency but also ensuring that government-backed partnerships deliver measurable value to Nigerians.”
He further highlighted that the initiative supports the administration’s ongoing efforts to expand access to credit, boost productivity, and create a conducive business environment that empowers entrepreneurs and job seekers alike.
Supporting SMEs and Private-Sector Inclusion
One of the core objectives of the Ministerial Project Approval Board is to bridge financing gaps for SMEs — a sector that accounts for over 80 percent of employment in Nigeria.
By working with institutions like the Equipment Leasing Registration Authority, the Ministry hopes to make equipment financing more accessible to small businesses that form the backbone of the economy.
Experts say the initiative could reshape Nigeria’s leasing industry, which has long struggled with limited access to affordable financing, inconsistent regulatory oversight, and outdated procedures.
With digital transformation at its core, the partnership promises to introduce efficiency, accountability, and innovation to the sector.
Industry stakeholders welcomed the move, describing it as a timely intervention that would enable the leasing industry to play a more active role in supporting national development goals.
Enhancing Public-Private Collaboration
The Ministerial Project Approval Board is also expected to deepen collaboration between the public and private sectors by streamlining approval processes for PPPs.
The Board will evaluate proposals based on their commercial viability, social impact, and alignment with government priorities, ensuring that only sustainable and transparent projects receive approval.
According to the Ministry, the MPAB will serve as a “strategic gateway” for investment projects under its supervision, while maintaining strong accountability and monitoring mechanisms.
Edun reiterated the government’s resolve to sustain these reforms.
“We are committed to governance reforms that guarantee transparency, efficiency, and inclusiveness,” he said.
“Through the MPAB, Nigeria will continue to attract quality investments that drive growth and prosperity.”
The launch of the Ministerial Project Approval Board represents a significant milestone in Nigeria’s pursuit of transparent governance and private-sector empowerment.
By combining fiscal discipline with innovation, the initiative is poised to unlock new investment opportunities, strengthen institutional accountability, and accelerate the nation’s journey toward sustainable economic transformation.
