The Managing Director and Head, sub-Saharan Africa (Ex-RSA) at Bank of America Merrill Lynch, Yvonne Ike, has urged private firms, government and its agencies to allocate 30 per cent of their board membership to women for better management, profitability and growth.
She said studies had shown that firms that have women on their boards excelled, adding that in Africa, only five per cent of women is on board of firms and government agencies.
Ike, who was the keynote speaker at this year’s Women Directors Luncheon organised by the Institute of Directors (loD) in Lagos, cited Rwanda where there is 60 per cent women representation in the government, a development, she said, had resulted to gross domestic product (GDP) growth of nine per cent as against other African countries.
Ike, who spoke on the theme Are you board ready, strategies for success, called for a paradigm shift, arguing that no quoted large enterprise’s failure had been attributed to women.
On those who are board-ready, she said they are women who are self-confident, morally upright, ethically responsible and resourceful with sound judgment. Furthermore, she advised women to make use of their innate ability to read character, intuition, negotiation of different priorities.
Ike also advised women, who aspire to lead, to prepare themselves for the position by obtaining the right education, exposure and securing their power base.
Minister of Women Affairs and Social Development, Hajia Aisha Abubakar called for the dismantling of stereotyping and gender gaps limiting women.
She complained that women were not given adequate opportunity because of poor gender analysis. She regretted that women’s contribution to the economy was grossly underestimated.
Lagos State Deputy Governor, Dr. Idiat Oluranti Adebule said God created women with great potential to be effective decision makers and leaders.
She said data had revealed that women were few in the legislature and executive.
She said: “Gender inequality still persist in Nigeria’s political landscape. Similarly, it is still a man’s world within the corporate boardrooms and leadership; though women have made more progress compared with political representation.”
On the way forward, she urged women to take leadership to the next level, adopt the right approach and embrace practical solutions that can improve women’s path to leadership role in proportion to their numbers.
“The strategy must include creative thinking, the will to speak up and stand up for other women, work hard to build the critical muscle of assertiveness, adopt women mentors that will be ready to invest time and energy into guiding other,” she said.
Earlier, IoD Director-General/CEO, Bamidele Alimi urged large enterprises, governments and their agencies to create opportunities for women to be on the boards, adding that statistics have shown that firms and agencies that heeded to this excelled.
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