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By Chukwudi Nweje
As the world marked the commemoration of the International Women’s Day, the Lagos Business School (LBS) has advocated gender parity in the financial services and other sectors of Nigeria.
The school also disclosed that it has secured a $300,000 grant from a global philanthropic organisation that advocates gender parity in the financial services sector, as well as begun a project tagged, ‘Co Impact’ that aims to foster gender equality in Nigeria’s financial services sector.
Yetunde Anibaba, co-lead of the project, who disclosed this during the IWD celebration at LBS on Friday, said the Design Phase Grant is aimed to provide the space, resources and expertise necessary for a partnership that would create a plan designed to help LBS achieve its systems change objectives.
She said the LBS is embarking on the project as its research shows 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 . 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, it was discovered that about 33 per cent of the workforce are women and only 27 per cent hold senior management positions in these organisations.
“According to 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 here? Especially because lack of women in decision-making positions could cost an economy as much as 15 per cent of its GDP.”
Earlier in his opening remarks, the Dean of the 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 by amplifying the voices of women in leadership roles.
He said, “The theme “Inspire Inclusion” underscores the power and potential of diversity in driving innovation, creativity, and growth within our institution and beyond.
“It reminds us of our shared responsibility to actively promote and advocate for gender equality, not just within the confines of our organisation 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, Professor Enase Okonedo; Doctoral Researcher & Programme Designer LBS Sustainability Centre, Osanua Nwagbara and the Chief Operating Officer of Sycamore, Onyinye Okonji.
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.
