By Prosper Mene, April 12, 2025
Women in Nigeria’s corporate sector are making efforts but continue to face significant barriers to reaching the highest echelons of leadership, according to recent data from the Nigerian Exchange Group (NGX). Women now occupy 24% of board seats in NGX-listed companies, a rise from 21% in 2020, showing incremental progress in gender diversity. Yet, this figure lags behind the global average of 28%, and only 12% of CEOs in these firms are women, underscoring a stubborn gender gap in top executive roles.
The uptick in board representation reflects growing efforts by organizations like the NGX and Women on Boards Network to advocate for diversity. Initiatives such as mentorship programs and diversity quotas have gained traction, with some companies reporting tangible results. For instance, firms like Access Bank and Stanbic IBTC have bolstered female representation through targeted leadership pipelines, contributing to the broader trend.
However, the low percentage of female CEOs points at deeper challenges. Experts point to structural issues, including limited access to executive mentorship, cultural biases, and work-life balance pressures, as key impediments. A 2024 PwC Nigeria survey revealed that 62% of female professionals experienced subtle discrimination, often impacting their confidence to pursue C-suite roles. “The pipeline to leadership is there, but it’s fraught with obstacles that men rarely face,” said Dr. Aisha Mohammed, a corporate governance consultant based in Lagos.
Recent policy moves aim to address these disparities. In early 2025, the Securities and Exchange Commission (SEC) Nigeria introduced guidelines encouraging NGX-listed companies to reach 30% female board representation by 2030. While the measure has sparked optimism, its voluntary nature has drawn criticism from advocates who argue for mandatory quotas to accelerate change.
The economic case for diversity is clear: a 2025 McKinsey Nigeria report found that companies with greater gender diversity outperform peers by 15-20% in profitability. Yet, cultural norms and systemic barriers continue to slow progress. “We’re seeing more women on boards, but the CEO role remains elusive. It’s not just about numbers, it’s about changing mindsets,” said Funmi Adebayo, a board member at a leading Nigerian conglomerate.
As Nigeria’s corporate landscape evolves, stakeholders are calling for bolder actions from enforceable policies to inclusive workplace cultures and to ensure women not only join boards but also lead from the top
.
