Advancing gender diversity in Nigeria

Gender diversity at the board level in Nigeria has been a topic of increasing importance and focus. According to the PWR Advisory NGX 30 Board Gender Diversity scorecard, 27.4% of board directorships in Nigeria are held by women. While this marks a slight increase from previous years, the progress is perceived as slow, yet promising. Ivana Osagie, CEO at PWR Advisory, emphasized the significance of advancing gender diversity in Nigeria during an interview on CNBC Africa. Osagie highlighted the substantial benefits that gender diversity brings to businesses, including improved decision-making, reduced groupthink, and increased financial performance. Citing research from McKinsey, BCG, and Deloitte, she pointed out that greater female participation in the economy could add an estimated US$316 billion to African GDPs. Moreover, companies with diverse boards tend to enjoy 20% higher EBIT margins when they reach at least 25% female representation on their boards. Osagie stressed the need for businesses to recognize the value of gender diversity and strategically source qualified women for board positions. She urged companies to actively engage with female networks to identify board-ready women and address unconscious biases that may hinder women's full participation. Despite the progress made, Osagie acknowledged that there is still room for improvement and emphasized the importance of continuing efforts to accelerate change. The report highlighted top-performing companies such as UBA, Transcorp Hotels, and Lafarge, which demonstrated significant progress in gender diversity. UBA, in particular, saw a notable increase in female representation on its board, from 33.3% to 53.3%. The report also recognized nine pace-setter companies that consistently improved their gender diversity metrics year on year. As businesses navigate increasing complexity and uncertainty, gender diversity is becoming a key metric under the ESG framework, drawing attention from regulators and investors. Osagie emphasized the importance of a mentality shift to break biases and create a more inclusive environment for women in boardrooms. Looking ahead, Osagie outlined the outlook for gender diversity in Nigeria, highlighting the need for companies to revisit their strategies and proactively seek out qualified women for board roles. By embracing diversity and inclusivity, businesses can unlock the full potential of their boards and drive positive outcomes for all stakeholders. The journey towards gender diversity in Nigeria may be gradual, but the momentum is building, promising a future where women play a more significant role in shaping the country's business landscape.