The Lagos Business School (LBS) has begun a ‘Co Impact’ project that aims to foster gender equality in Nigeria’s financial services sector.
The institution also called for gender parity in the nation’s financial sector to improve inclusion and contribution of women to national development.
Project’s Co-Lead for the institution, Yetunde Anibaba, made the call, at the weekend, during an event to mark this year’s International Women’s Day.
According to Anibaba, the institution recently secured a $300,000 grant from a global philanthropic collaborative focused on improving the lives of millions of people through just and inclusive systems- change.
The design phase grant is to provide the space, resources and expertise necessary for a partner to create a plan designed to help the grantee (LBS) achieve its systems-change objectives.
She said the LBS is embarking on the project as its own research showed that women occupy 20 per cent of the executive management positions in the financial services sector despite making up 45 per cent of the total workforce.
Anibaba further said that this systemic inequality had continued to persist due to deeply rooted social norms and implicit biases, as well as structures and processes that preclude inclusiveness in organisations.
She said: “In a recent study on 30 most capitalised companies in Nigeria done by the IFF, they found that about 33 per cent of the workforce are women and only 27 per cent hold senior management positions in these organisations.”
“According to the data we recently collected, in about 10 leading banks and a few insurance companies, about 45 per cent of the workforce are women and 55 per cent are men.
“But as we move towards senior management, you see that it becomes thinner and we have just 29 per cent in senior management and 20 per cent in executive management. So, we begin to ask ourselves what is going on as lack of women in decision-making positions could cost an economy as much as 15 per cent of its GDP.”
In his opening remarks, the Dean of Lagos Business School, Prof. Chris Ogbechie, called for concerted efforts towards advancing the cause of inclusion.
He added that inclusion must be promoted not only through words but through actions by actively advocating practices that promote gender equality and amplifying the voices of women in leadership roles.
He said:”The theme underscores the power and potential of diversity in driving innovation, creativity, and growth within our institutions and beyond.
“It reminds us of our shared responsibility to actively promote and advocate gender equality, not just within the confines of our organisations but in every aspect of our lives.”
The event also featured a panel session, which had discussants such as the Vice Chancellor, Pan-Atlantic University, Prof. Enase Okonedo; Doctoral Researcher & Programme Designer, LBS Sustainability Centre, Osanua Nwagbara and the Chief Operating Officer of Sycamore, OnyinyeOkonji.
Others were Advisory Services Specialist, Women’s World Banking, Olajumoke Daramola; Lawyer, Compliance & Regulatory Expert, Lucia Azinge and member, Lagos Business School Faculty, Emeka Azinge.
They discussed gender inequality in the corporate world, its root causes, manifestations and ways through which it could be addressed.
