The former Governor of the Central Bank of Nigeria and Khalifa of the Tijjaniya group in the country, Muhammad Sanusi II, has urged banks to implement a mandatory quota system to increase the involvement of women in the financial industry.
At the Gender Impact Investment Summit in Lagos on Thursday, Sanusi stated that no bank should hire new employees unless at least 50% are women. He further suggested that 40% of top management positions and 30% of board memberships should be set aside for women.
At the summit titled 'Investing in Equity: Advancing Gender-Led Solutions for Inclusive Development,' Sanusi II stated that Nigeria's financial system cannot attain stability and growth if women are kept out of leadership positions.
The previous governor, who led the top bank between 2009 and 2014, remembered how he modified promotion procedures during his time in office to enable capable women to reach leadership roles more quickly.
"At that time, only four women had ever attained the position of director within 50 years of the CBN's history. I cut the required tenure as a deputy director from three to one year and personally examined the resumes of female officers. This intentional move resulted in nine female directors being appointed in just one year," he explained.
Sanusi, who also launched the 'Year of Women in Banking' program in 2012, mentioned that the reforms created the basis for the presence of nine female bank chief executives in Nigeria currently.
He mentioned Rwanda and Liberia as cases where intentional policies have increased women's involvement in leadership roles, encouraging Nigerian banks to establish a new standard for the continent.
Sanusi also called on regulators, such as the CBN and the Securities and Exchange Commission, to require banks to release detailed data about the female-owned businesses they support.
"Banks might not be required to lend to women, but if they are obligated to reveal their records, the public and investors will be able to identify which banks are genuinely supportive of gender equality. Only market pressure will encourage these institutions to improve," he stated.
The former leader also urged for workplace inclusion measures including wheelchair-accessible branches, longer maternity leave, and adaptable work arrangements.
He cautioned that cultural and institutional opposition to women's participation is still significant, particularly in northern Nigeria, where women receive farmland but frequently lose authority over it to male family members.
"Inclusion doesn't imply exclusion. It refers to fairness," Sanusi emphasized.
The summit also included the launch of the 'Gender Equity and Social Inclusion Roadmap 2025–2035' by the Impact Investors Foundation in collaboration with PwC Nigeria. The plan aims to raise $8bn in inclusive capital, introduce 40 new financial products focused on gender, and implement 20 new policy changes by 2035.
The Chief Executive Officer of IIF, Etemore Glover, referred to it as a "blueprint for a major transformation in Nigeria's economy."
The head of IIF, Frank Aigbogun, stated that removing obstacles for women, young people, and individuals with disabilities would unleash significant underutilized potential and promote fair development.
Provided by SyndiGate Media Inc. (Syndigate.info).
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