A study by the Equality and Human Rights Commission (EHRC) found that nearly one-third of the UK’s largest companies recruit board members through personal networks, which limits diversity, inclusion, and opportunities for women.

The report also noted that many board roles are not publicly advertised and that more than 60% of FTSE 350 companies have not met the voluntary target of 25% female board membership. In many big companies, boards remain dominated by white men.

In Nigeria, board gender diversity has improved but remains below global standards. A report by the Society for Corporate Governance Nigeria reveals that female representation on the boards of the top 100 NGX-listed companies reached 29.3% in 2023, having grown by an average of 2.5% annually since 2020.

While this marks significant progress, it still lags behind the 30–40% rates seen in several developed economies.

Research also associates gender-diverse boards with stronger financial performance, reduced volatility, and enhanced risk oversight. However, many women in Nigeria remain confined to non-executive or symbolic roles. But for gender diversity to be truly impactful, women should not just hold seats, they must have their voices amplified in leadership and decision-making.

While gender diversity receives much attention, Nigerian corporate boards are still largely composed of older executives with decades of experience, many of whom may have limited exposure to the digital economy, AI, emerging technologies, and evolving workforce expectations.

This generational imbalance means that although the wisdom of experience is invaluable, organizations risk lagging in innovation and adaptability. It is therefore important to integrate younger and more women into board rooms without undermining the value of experience.

Rather than waiting until executives reach their late 50s or 60s to consider them for director positions, firms should proactively identify high-potential leaders in their 30s and 40s and expose them to board responsibilities through advisory roles, committee assignments, and leadership development programs. This balanced approach will ensure that boards retain experience while gaining the agility and innovation-driven mindset of younger generations. (SCGN 2025)

A board that integrates gender, age, professional experience, and skills is more likely to develop a well-rounded strategy with a wide range of stakeholders and deliver diversified measurable outcomes.

By Ajijir Martin