Women in boardrooms: Is gender parity a reality or an illusion?

Boardrooms shape the future of industries, yet they remain largely male-dominated spaces, even in an era of corporate diversity pledges. Crucially, gender parity in boardrooms has been a subject of ongoing debate. While women make up nearly half of the global workforce, they occupied only 28 percent of board seats in 2023, according to the Deloitte Women in the Boardroom Report. Although this represents progress compared to previous decades, it remains clear that true equality is still out of reach.

Governments, corporations, and advocacy groups have implemented diversity policies and quotas to promote female leadership. However, the data tells a different story: Most women stay with their employer for just 2.5 years, with only 1 in 10 believing their company takes real action on gender equality. While 75 percent aspire to senior roles, culture concerns deter others. 40 percent face workplace harassment or microaggressions, and nearly 50 percent fear for their safety at work.

Women continue to face slower career advancement and are often only appointed to leadership roles in times of crisis—a phenomenon known as the “glass cliff.” This raises an important question: Is real change happening, or is the progress merely symbolic? Is gender parity in boardrooms a real possibility, or are we celebrating surface-level diversity without real influence? More importantly, how can businesses move beyond mere representation to ensure meaningful leadership opportunities for women?

Regional disparities in female board representation

Female representation on corporate boards in Africa varies significantly across regions. A survey of 307 listed companies across 12 African nations found that women hold 12.7 percent of board seats. Kenya leads with 19.8 percent, followed by South Africa at 17.4 percent, and Botswana at 16.9 percent. In contrast, Côte d’Ivoire has the lowest representation, with women occupying only 5.1 percent of board seats. A closer look at regional data highlights the uneven progress in gender diversity across the African continent.

Nigeria’s position in the gender parity landscape

In Nigeria’s workforce, women constitute 49.3 percent of the working population, according to the National Bureau of Statistics (NBS). However, their representation in corporate boardrooms remains disproportionately low. The Nigerian Stock Exchange (NSE) reports that only 17 percent of board seats are occupied by women, significantly trailing behind the 25-30 percent global average observed in developed nations.

Despite some progress in corporate leadership, disparities persist. As of 2023, women held 27.4 percent of board seats in the top 30 companies listed on the Nigerian Exchange (NGX), reflecting a gender gap that remains deeply entrenched. Notably, the percentage of companies with at least 30 percent female board representation has declined from 50 percent to 46.7 percent, signalling a stalling momentum in gender diversity efforts.

“A closer look at regional data highlights the uneven progress in gender diversity across the African continent.”   

The business case for gender diversity is clear. Deloitte Global research shows that companies with at least 30 percent female board representation tend to outperform those with lower female participation, proving that gender inclusion is not just a moral imperative but a financial advantage. However, the slow progress toward gender parity suggests that these benefits are not fully recognised or prioritised.
This raises a critical question: Does gender-inclusive leadership merely serve as a diversity metric, or does it genuinely enhance business performance? Research consistently highlights that diverse leadership teams drive innovation, improve decision-making, and strengthen financial performance. Yet, without more deliberate efforts to break systemic barriers, achieving true gender parity in Nigerian boardrooms will remain an uphill battle.

From glass ceiling to glass cliff

The glass ceiling represents the invisible barriers preventing women from rising to top executive positions. In Nigeria’s corporate boardrooms, while progress has been made, women still hold only 27.4 percent of board seats in top firms. However, breaking the glass ceiling often leads to the glass cliff—a phenomenon where women are appointed to leadership roles during crises, making them more likely to fail due to pre-existing instability. Many Nigerian female executives face greater scrutiny, limited resources, and fragile corporate environments, reinforcing systemic challenges. Addressing gender bias, inclusive leadership, and support structures is key to ensuring sustained female leadership success.

Advancing gender equality: Challenges and opportunities

Achieving gender equality in boardrooms presents both a challenge and an opportunity for modern businesses. While progress has been made, much work remains. Stakeholders across industries must commit to breaking systemic barriers, not only for the sake of fairness but also for the proven economic and strategic benefits that diversity brings to organisations and society.

The data suggests that while steps have been taken toward gender inclusivity, they are not sufficient. Businesses must implement deliberate strategies to build leadership pipelines for women, enforce inclusive corporate policies, and foster environments that support female career growth. Encouragingly, younger generations are becoming more vocal about gender equality, demanding greater accountability from organisations. As awareness grows and societal attitudes shift, there is hope that gender parity will move from an aspirational goal to a tangible reality.

Beyond leadership, organisations must address critical workplace challenges that disproportionately affect women. Mental health issues, for example, remain widely unspoken, with many women fearing stigma or penalties for speaking up. Companies should foster a culture of openness, identify stress drivers like long working hours and unclear hybrid work expectations, and implement policies that support work-life balance.

Women’s health challenges—including menstruation, menopause, and fertility issues—are often overlooked in the workplace. Many continue working through pain or discomfort because they feel unable to take time off. Employers should normalise conversations about women’s health by revising policies, training leaders, and offering workplace support.

Workplace safety is another pressing concern. Nearly half of women polled report feeling unsafe at work or while traveling for work. Organisations must reinforce policies that ensure safety, establish clear reporting mechanisms, and promote a zero-tolerance culture for harassment and discrimination.

Additionally, family-friendly policies—such as parental leave and flexible work arrangements—are essential in enabling women to thrive at work while managing responsibilities at home. Employers must actively support work-life balance and ensure these policies are implemented without stigma.

Finally, fostering a speak-up culture and addressing non-inclusive behaviours are critical for gender equality. Companies recognised as Gender Equality Leaders see higher retention rates, improved employee well-being, and increased career progression for women. This demonstrates that prioritising inclusion and equity benefits both employees and businesses alike.