Women in Taxation emphasise power of diversity, inclusion

…Laud Grant Thornton’s Women in Business Report

The leadership of Society of Women in Taxation (SWIT) Lagos chapter has said that sustainable growth in businesses that prioritise and effectively implement diversity and inclusion strategies was inevitable for national development.

The observation was made when Grant Thornton Nigeria played host to the leadership of SWIT Lagos chapter during a courtesy call to the firm’s corporate office in Lagos, recently.

The SWIT Lagos Chapter members also lauded Grant Thornton’s Women in Business Report for its consistency and insights for two decades.

The insightful event delved into how to accelerate continental and national economic development by deliberately including women in leadership positions, especially in medium enterprises, and for businesses to be intentional about developing a purposeful DEI (Diversity, Equity, and Inclusion) model to ensure their sustainability.

The SWIT Lagos Chapter delegation was led by the President, Sandra Momah, and other officials including Yetunde Olowofoyeku, secretary- general; Funmilayo Oguntoyibo, membership secretary; Olabisi Idowu, social and welfare secretary; Ede Nkiruka, assistant social and welfare secretary, and Kike Kola-Fashanu, assistant publicity and publication secretary.

They were received by the host led by Ngozi Ogwo, managing partner/CEO; Orji Okpechi, head of Advisory Services and People and Culture; Victor Usifo, head of Audit and Assurance Services, Nkwachi Abuka, head of Tax Services, among others.

In his remarks, Momah commended the Grant Thornton Women in Business report for consistently showcasing the progress made by women in leadership in the mid-market. “Grant Thornton has a stellar reputation, not just for your professional achievements but also for your commitment to inclusivity and gender diversity,” she declared.

The SWIT president of the Lagos chapter emphasised the relevance of the report in Nigeria, citing the National Bureau of Statistics, which reported that more than 40% of Small and Medium Enterprises (SMEs) are led by women entrepreneurs. These businesses contribute about 48percent of Nigeria’s GDP making them a critical driver of economic growth and development, she noted.

Momah said that over 60percent of university graduates are women, adding that women-led SMEs make substantial contributions to the economy. These statistics underscore the vital role that women play in various sectors of the Nigerian economy and underscore the significance of supporting and empowering women for sustainable economic growth and development, she pointed out.

Responding to Momah’s remarks, Ogwo said that for 20 years, Grant Thornton’s Women in Business Report research has influenced the global equity debate by emphasizing gender imbalances in senior roles and proposing actionable solutions. “Sustainable change requires deliberate effort and accountability from leadership,” she said. “Our Grant Thornton International Business Report research provides pathways for mid-market organisations to enhance diversity, resilience, and success.”

Ogwo disclosed that when Grant Thornton initiated its research, only 19.4percent of senior management positions in the mid-market were occupied by women. Currently, this number has risen to 33.5percent.

She however, noted that though there has been noticeable progress and some acceleration post-pandemic, the pace of change remains disappointingly sluggish.

“At the current trajectory, gender parity in senior management roles within the mid-market sector is not projected until 2053,” Ogwo said.

She outlined three pathways recommended by the Women in Business Report research to achieve parity. First, a clear DEI strategy must be established. Secondly, the question of who leads its implementation must be clearly stated for it to be successful, and thirdly, how work is done affects business sustainability as more flexibility has produced more women in leadership.

The Society of Women in Taxation (SWIT), which was formally inaugurated on 7th May 2010 as an arm of the Chartered Institute of Taxation of Nigeria, is an organization established to empower women in the field of taxation, providing a platform for professional development, advocacy, and networking. It also serves as a forum for the promotion of the socio-economic development of women in Nigeria, as well as meeting the yearnings and aspirations of women for recognition on tax policy issues. There is also SWIT West Africa serving the same needs in the continent.

Some of the key activities undertaken by the organisation include networking events and symposiums, taxpayers outreach programs, and taxation workshops which aim to bridge the gender gap in the tax sector and empower both the youth and women to excel professionally. This is achieved under the ‘Catch Them Young for Taxation’ program, which is tasked to make them better taxpayers in the future and encourages them to consider taxation as a profession.

Ogwo, on behalf of the firm, commended the laudable activities of SWIT and assured the Society of support for some of its activities. She added that Grant Thornton Nigeria is intentional about it as this support was demonstrated with the nomination of a SWIT ambassador in the firm, to play a liaison role and coordinate the affairs of the firm’s local chapel of the Society of Women in Taxation (SWIT) Lagos Chapter.