A new report has revealed a historic rise in female representation across Nigeria’s top corporate boardrooms, marking a significant milestone in the country’s journey toward inclusive governance and gender equity in leadership.

According to the 2025 PWRA NGX-30 Board Gender Diversity Scorecard, women now occupy 31.1 per cent of board seats in Nigeria’s 30 largest listed companies, the highest since the index began tracking gender data six years ago. For the first time, no company within the NGX 30 has an all-male board, reflecting steady progress in gender inclusion across corporate Nigeria.

The report further disclosed that five of the top 30 firms are now led by female chief executive officers, while three companies have female board chairs, up from just one in 2024. This represents a turning point for boardroom diversity in the Nigerian private sector.

Top performers in the 2025 ranking include Transcorp Hotels Plc, Access Holdings Plc, Stanbic IBTC Holdings Plc, United Bank for Africa Plc, Dangote Sugar Refinery Plc, Nestle Nigeria Plc, and Presco Plc.

The Founder/Chief Executive Officer of PWR, Ivana Osagie, noted that the milestone was not just a matter of statistics but “markers of change” showing what is possible when commitment meets action.

“Back in 2020, when we launched the first edition of this scorecard, our ambition was simple: to track progress, galvanise momentum, and advance the cause of women’s representation at the highest levels of corporate governance,” the report stated.

“Our world looks profoundly different today, but our mission remains the same.”

The study highlighted how recent global shifts, from the pandemic and geopolitical disruptions to rapid technological change and energy transition debates, have redefined what effective leadership looks like. It emphasised that inclusiveness and diversity are now essential for sustainable growth and competitive advantage.

“Women now hold 31.1 per cent of board seats at Nigeria’s 30 largest listed companies, the highest since we began tracking the data. For the first time, no company in our sample has an all-male board. Congratulations to United Capital for making the shift,” the report read.

However, it also urged organisations to move beyond mere representation to ensuring that women hold key decision-making positions such as board chairs, committee leaders, and strategic directors.

“Representation without power and influence is a fragile victory,” it warned. “Diversity without inclusion is unfinished work.”

In comparison with other markets, the report showed that Nigeria’s board gender diversity stands above the African average of 23 per cent (as reported by the Sustainable Stock Exchanges 2023) and the global average of 27.3 per cent, according to MSCI’s Women on Boards and Beyond 2024 report. However, it trails behind South Africa, where women occupy 47 per cent of board seats among top firms.

By sector, Services leads with 57.1 per cent female representation, followed by Consumer Goods (34.8 per cent) and Conglomerates (33.3 per cent). The financial services sector, long seen as male-dominated, recorded 32.8 per cent female board seats.

The report further highlighted that achieving a 30 per cent threshold, as proposed by the Critical Mass Theory, is crucial for minorities to influence decision-making meaningfully.

Reflecting on the broader implications for Africa, the authors stated that governance standards and gender diversity would increasingly define how the continent is perceived and valued in global markets.

“Embedding gender diversity in our boardrooms is not just about equity; it strengthens governance, enhances decision-making, and drives better outcomes for organisations, communities, and economies,” the report added. “It enables Africa to translate its potential into strong institutions and shared prosperity.”

With this latest data, Nigeria’s corporate sector has crossed a symbolic line, one that transforms gender diversity from aspiration to measurable progress. Yet, as the report notes, the journey toward full inclusion and equitable power remains a collective, ongoing effort.

“This scorecard is both a mirror and a call to action,” it concluded. “It reflects where we stand today and challenges us to go further, faster, together.”