BOARD DIVERSITY IN NIGERIAN NON-FINANCIAL FIRMS (2011-2021): A DESCRIPTIVE STUDY

Abstract

This study investigated the extent of diversity on the board of the listed non-
financial firms. Expo-facto research design was adopted using secondary data. The population of
the study consisted of 109 firms in the non-financial sector listed on the Nigerian Exchange Group
as at December 2010, while seventy (70) firms were purposively selected. Data were sourced from
the audited financial records of the firms and the Nigerian Exchange Group factbook from 2011
to 2021, which was the period that witnessed an increased call for diversity inclusion on corporate
boards. Data were analysed using percentages and graphs. The study was anchored on the feminist
ethics theory, which emphasises equality, care and the dismantling of gender-based economic
barriers. The results showed that there was about 65% ethnic diversity on the boards of non-
financial firms in Nigeria. The board gender diversity was only about 12.68%, while the board
independence has a representation of 69%. The study concluded that the underrepresentation of
women on corporate boards emphasises that women are economically disadvantaged in Nigeria.
These findings contribute to the literature on board diversity by highlighting the persistent gender
imbalance in corporate governance. Furthermore, the study provides empirical evidence that can
guide regulators and stakeholders in formulating gender-inclusive corporate governance
frameworks to promote equitable economic participation. It is recommended that soft laws be
enacted to give room for women's involvement on corporate boards so as to achieve fair and
equitable diversity on the boards of corporate firms in Nigeria.