Uche Usim, Abuja
Central Bank Governor Godwin Emefiele on Thursday disclosed that female representation on boards of financial services institutions currently stand at 20 per cent, with 16 percent in management teams worldwide, a statistic he considered slow.
He called for more women to be employed in top management positions in banks and other financial institutions in Nigeria and abroad.
Speaking in Abuja at the 2018 International Women’s Day (IWD) celebrations organized by the apex bank, Emefiele said though the figures are an improvement compared to what obtained in the last decade, it signified slow growth for women in financial services institutions.
“I am happy to note that female representation has grown to 20 percent in boards of financial services institutions and 16 percent on their management teams; yet, I believe this pace of growth is slow.
“Indeed, at current growth rates, women would make up only 30 percent of management teams in the financial services industry on a global scale by the year 2048,” he said.
To change the narrative in Nigeria, Emefiele said the CBN as a policy has ensured that 28 percent of total employees are women, which he said was an increase from 24 percent in 2013.
He also said the Bank had established a staff crèche in Abuja and was working towards establishing another one in Lagos as a way of ensuring that childbirth and motherhood do not rob women of the chance the pursue their careers.
He also disclosed that female directors have risen from only one in 2001 to six at the moment.
Emefiele added that the CBN adopted the theme “Women Inspiring Change” for this year’s IWD because it provides a robust opportunity to honour the huge contributions of women in achieving CBN’s organizational mandate and goals.
“In realization of male domination of senior positions of the financial industry, the Bankers’ Committee adopted the quota system to increase women representation on Boards to 30 percent and that of senior management level to 40 percent by the 2014.
“As a result today, three out of the 27 Bank CEOs are female, with three women appointed as Chair of the Boards of three banks for the first time.
“Despite this progress, it is obvious we have not met our goals. Therefore, we have to work much harder to improve these numbers and attain our objectives
“Again, despite the overwhelming evidence that a gender-diverse workforce is associated with better performance, gender inequality remains pervasive and persistent with women underrepresented in many sectors.
“Since gender equality is needed for sustainable development, this clearly undermines the realization of 2030 global development Agenda, otherwise known as “The Sustainable Development Goals”.
“A 2017 report by McKinsey shows that women continue to make up less than 40 percent of the global labour force, and only 25 percent of management positions globally – while at the same time being responsible for 75 percent of unpaid care work. Similarly, a 2017 report by Deloitte revealed only 15 percent of women representation on Boards, with 4 percent of female CEOs and Board chair positions globally,” Emefiele stated.