As CBN Leads Nigeria’s Gender-sensitivity Resurgence, by Rahma Olamide Oladosu

Despite making up nearly half of Nigeria’s population, women hold only an insignificant fraction of elective and appointive offices in the country. The country keeps shooting herself in the foot, holding on to old stereotypes that do not work and making the political space tight for women. While women are scarcely seen holding key decision-making offices in all areas of leadership in the country, that of the National Assembly is most embarrassing.

In terms of female representation, the 10th National Assembly is the worst since the dawn of democracy in 1999. It is indeed shameful to admit that there are only four women out of 109 members in the Senate which makes it about four percent. There are also only 17 women among the 360 members in the House of Representatives, which makes it a ridiculous
4.7 percent. The implication of the above is that in the 469-member National Assembly, only about 4 percent is made up of women.

It is also saddening to note that out of the 36 State Houses of Assembly in the country, only 21 have at least one woman as member. 15 of the states have no woman at all as a lawmaker.

The 15 Nigerian states without female representation in their Houses of Assembly are: Abia, Bauchi, Borno, Gombe, Imo, Jigawa, Kano, Katsina, Kebbi, Niger, Osun, Rivers, Sokoto, Yobe and Zamfara.

The situation is not significantly better in the Federal Executive Council where we have nine female ministers out of 43, a meagre 21 percent representation.

Despite the fact that women all over the world are seen as better home makers, better organisers who can be trusted with money, figures and finances, things are not any better in the country’s economic landscape. In the political circle, women still get the position of women leader and Minister of women affairs but in business and economy, there are no such considerations.

So, when the news broke that women now make up to 35 percent of directors at the Central Bank of Nigeria (CBN), it looked like hope in the horizon. Not because gender parity has finally been achieved, as we are still far from it, but because this marks a rare and necessary shift in a system that has stubbornly resisted progress. For many years, Nigeria’s financial sector has operated as an exclusive old boys’ club. Governor Olayemi Cardoso’s decision is therefore a welcome disruption to that norm and one that is long overdue.

Let’s be honest. Nigerian women have never lacked talent, grit, or leadership capacity. What they have lacked is access to boardrooms, decision-making roles, capital, networks, and policies that understand and reflect their realities. This 35 percent figure should not be dismissed as a token gesture. It is a direct challenge to the entrenched structures that have kept half of our population on the margins of influence for far too long.

I have already heard skeptics dismiss the announcement as political posturing or quota-filling. That kind of cynicism is not only tired but also dangerous because it reinforces the very mindset that has held our institutions back for decades. This is not about ticking diversity boxes. It is about acknowledging that diverse leadership leads to better results. Studies across the globe have confirmed that when women sit at the table, companies perform better, governance improves, and innovation thrives. In banking, where trust, ethics, and customer understanding are vital, we simply cannot afford to ignore what half the population brings to the table.

Governor Cardoso has emphasised financial inclusion as a central focus of his leadership and has highlighted how women dominate Nigeria’s informal sector while contributing significantly to small-scale industries. But inclusion cannot be meaningful if it only happens at the grassroots level while the top remains unchanged. This is why the presence of more women at the highest levels of the CBN matters so much. It reflects a willingness to address inequality at the core of power and decision-making.

The CBN has taken practical steps in this direction. Initiatives have been introduced to improve women’s access to finance. A framework to support women entrepreneurs has been signed, and partnerships with the Development Bank of Nigeria and the Bank of Industry are helping to ease access to credit. These are not just symbolic moves; they are necessary to unlock the full potential of women-owned businesses. Research has shown that when women entrepreneurs are given equal access to capital, their businesses perform strongly and contribute meaningfully to the economy.

However, this new era of inclusion has not come without complications. Reports have emerged suggesting that some women appointed as consultants under Governor Cardoso wield more power than expected, issuing directives despite undefined roles. Allegations of inflated salaries and internal discontent have followed. These developments bring to light an important issue. While inclusion is vital, it must go hand in hand with transparency, accountability, and fair process.

To maintain credibility, the CBN must ensure that all appointments are based on competence and not seen as favoritism. If inclusion efforts appear to be politically motivated or based on loyalty rather than merit, the entire initiative risks losing public support. Every woman elevated to a position of influence should be fully qualified, not because women must overperform to be accepted, but because the integrity of the process matters. Merit and inclusion should not be viewed as competing values. They must always reinforce each other.

Despite the internal challenges, the significance of this move cannot be denied. When Nigeria’s most powerful financial institution prioritises female leadership, it sends a strong message to the rest of the public and private sectors. It disrupts the outdated notion that leadership is a man’s role and signals to institutions across the country that gender equity should no longer be optional.

This change also has a powerful effect on younger generations. Representation is more than visibility. It is validation. When a young girl sees a woman leading at the CBN, her sense of what is possible expands. She begins to believe that she too can lead, can decide, and can change the course of Nigeria’s future. That is not just inspirational. It is necessary for a society that wants to grow beyond the limitations of its past and build a more equitable future.

Of course, progress comes with growing pains. Even when women are appointed to leadership roles, they often face challenges that their male counterparts do not. These include unconscious bias, limited mentorship, and societal expectations around family and caregiving. That is why it is not enough to place women in leadership positions. Institutions must also create environments where women can thrive. This includes leadership training, mentorship programs, family-friendly policies, and workplace cultures that actively promote equity and inclusion.

Governor Cardoso’s decision to increase women’s representation at the CBN is bold and commendable. It arrives at a time when Nigeria needs forward-thinking leadership and institutional reforms more than ever. Yes, there are growing tensions and criticisms to address, but the overall direction is one of progress. As long as these appointments are grounded in merit and paired with meaningful inclusion policies, the CBN has the potential to become a model for other sectors in Nigeria.

Empowering women in leadership is not about charity or optics. It is about building stronger, more resilient institutions that serve the full spectrum of the population. Diversity in leadership leads to better decision-making, broader perspectives, and more effective governance. By taking this step, the CBN is setting a precedent that the rest of Nigeria should follow without hesitation. It is a defining moment that can reshape our economy and society for the better.

The task now is to keep moving forward. This progress must not stall at 35 percent. It must spark deeper reforms across both the public and private sectors. Because when women lead, everyone benefits. And for a country like Nigeria, that kind of inclusive leadership is not just smart, it is essential for national growth and sustainable development. This is the future we should all be fighting for.

Oladosu is a Staff Writer with the Economic Confidential