‘Closing gender gaps could add $229bn to Nigeria’s GDP’

The Chartered Institute of Directors Nigeria (CIoD) has inducted 400 new members into the institute even as Directors and Chief Executives of companies have been charged to incorporate diversity and inclusion into their management to attract more investment. The admonition was given by the keynote address Speaker and Dean of Lagos Business School (LBS),  Prof. […]

The Chartered Institute of Directors Nigeria (CIoD) has inducted 400 new members into the institute even as Directors and Chief Executives of companies have been charged to incorporate diversity and inclusion into their management to attract more investment.

The admonition was given by the keynote address Speaker and Dean of Lagos Business School (LBS),  Prof. Olayinka David-West who noted that inclusive workplaces attract and retain work talents.

While referencing a study, she stated that Closing gender gaps could add $229 billion to Nigeria’s GDP by 2025.

In her lecture titled, “Diversity in the boardroom: Moving Beyond Tokenism,” the university Don reiterated that Nigeria’s economic future depends on inclusive leadership.

• Alleged money laundering: Trial of Bauchi AG, BDC operator stalled
• 2027: PDP NEC to review report on zoning, national convention

According to her, “Diversity is a business and governance imperative,” adding, “As Directors we need to live by example, foster inclusive culture, mentor emerging leaders.”

She noted that in appointing women into management positions, it must not be done to fulfil regulatory or diversity requirements alone but their contributions and expertise must be genuinely valued.

She gave an example of a study which showed that Nigerian companies with greater gender diversity on boards achieve better financial outcomes.

“A 20% increase in female board representation is linked to a 4% rise in return on assets (ROA), demonstrating that diversity drives profitability and competitiveness.

“Companies recognised for diversity and inclusion are more attractive to investors, customers, and global partners, enhancing their reputation and market opportunities.

She urged Directors to set measurable diversity targets and track progress, adding that they should go beyond visible diversity by assessing and incorporating different thinking styles, experiences, and problem-solving approaches to enhance board effectiveness.

President and Chairman of Council of the institute, Otunba Adetunji Oyebanji stated that the diversity agitation “is a call to action, a challenge, and a commitment.”

“For too long, the conversation around diversity has been confined to statistics and surface level representation.

“We have seen the checklists – the one woman, the one person of colour, the token diverse individual brought in to tick a box,” he said.

Oyebanji stated that the institute has “continued to demonstrate a greater concern and commitment to working with all stakeholders to foster a business-friendly environment for robust economic growth.

“We have continued to canvass for good corporate governance practices, including the adoption of sustainable business principles of all private and public sector organisations in the country, and we will continue to partner with all businesses and thought leaders from both the public and private sectors to push forward our innovative ideas for our collective benefits,” he said.