The 16th Emir of Kano, Muhammadu Sanusi II, has urged stakeholders across Nigeria to take decisive steps to dismantle barriers that hinder women from fully participating in politics, business, and leadership roles. Speaking at the 3rd Gender Impact Investment Summit (GIIS) in Lagos, the former Central Bank of Nigeria (CBN) Governor emphasized that fostering gender equity is not merely an act of goodwill but a critical strategy for national development. The summit, themed “Investing in Equity: Advancing Gender-Led Solutions for Inclusive Development,” provided a platform for leaders to discuss actionable solutions to promote inclusivity and equitable economic growth.
Sanusi argued that Nigeria’s financial system must adopt stronger gender equity measures to catalyze transformative development. He described gender equity as a matter of “common sense” rather than charity, pointing out that obstacles to women’s advancement in leadership roles are often exaggerated or deliberately imposed. He challenged the status quo by questioning why diversity in Nigeria is predominantly defined by geographic representation rather than gender. “We have a constitution that mandates a minister from every state, but why is diversity only about states? Why can’t we mandate that 30 or 40 percent of the cabinet be women?” Sanusi asked, highlighting the need for systemic changes to ensure women’s voices are adequately represented in decision-making processes.
The Emir drew attention to the stark gender imbalance in Nigeria’s political landscape, noting that only four of the 109 senators in the National Assembly are women. He questioned how laws protecting women’s rights could be effectively passed when their voices are barely heard in legislative chambers. To address this, Sanusi proposed deliberate measures, such as reserving one senatorial district per state for women on a rotational basis. Such a policy, he argued, would ensure greater female representation and create a more inclusive political framework.
Reflecting on his tenure as CBN Governor from 2009 to 2014, Sanusi shared insights into how he championed gender equity within the institution. When he assumed office, he discovered that only four women had reached director-level positions in the CBN since its founding in 1959. Determined to address this disparity, Sanusi initiated reforms to increase female representation in leadership roles. One key change was reducing the eligibility requirement for promotion from three years to one year for deputy directors, enabling qualified women to advance more quickly. He personally reviewed the credentials of female deputy directors, many of whom he described as exceptionally qualified but overlooked due to systemic biases and lack of visibility.
Under his leadership, the CBN appointed women to head critical departments such as banking supervision, risk management, internal audit, and branch operations. Sanusi credited much of the institution’s success during his tenure to the contributions of these women leaders. The reforms also had a ripple effect across the broader financial sector. In 2012, the CBN’s efforts culminated in the declaration of the “Year of Women in Banking,” which set ambitious targets for female representation in new hires, senior management, and corporate boards. As a result, nine commercial banks in Nigeria were later led by female chief executives, marking a significant shift in the industry’s leadership landscape.
Sanusi also addressed workplace policies that have historically disadvantaged women, such as limited maternity leave and lack of remote work options. He noted that many financial institutions resisted these adjustments until the COVID-19 pandemic demonstrated their feasibility. The pandemic forced organizations to adopt flexible work arrangements, proving that such policies could be implemented without compromising productivity. Sanusi urged regulators, including the Securities and Exchange Commission (SEC) and the National Insurance Commission (NAICOM), to enforce gender-disaggregated reporting by financial institutions. Such transparency, he argued, would hold organizations accountable for lending to women-led enterprises and promote equitable access to finance.
Beyond institutional reforms, Sanusi emphasized the need for cultural sensitivity in addressing economic exclusion. He cited the example of agricultural finance, where women often inherit farmland but lose economic benefits due to cultural practices that limit their control over resources. “Solutions must be tailored to the specific cultural and social contexts of communities,” he said, noting that strategies effective in Maiduguri may not work in Warri. This localized approach, he argued, is essential for ensuring that interventions are both practical and impactful.
The summit also featured remarks from Chief Uche Geoffrey, the Minister of Innovation, Science and Technology, who was represented by Rachel Ede. The minister reaffirmed the Federal Government’s commitment to fostering women-inclusive growth and investment under its “Renewed Hope Agenda.” Despite challenges such as stereotypes, weak regulations, limited access to finance, and investor bias, Geoffrey highlighted the transformative potential of empowering women. “The progress of women translates into prosperous families, thriving communities, and transformed nations,” he said, underscoring the government’s dedication to ensuring women play a central role in shaping Nigeria’s future.
Another key highlight of the summit was the discussion of the 10-year Gender Equity and Social Inclusion (GESI) roadmap, launched to mobilize $8 billion in gender-inclusive capital. Mr. Frank Aigbogun, Chair of the Impact Investors Foundation (IIF), praised the roadmap as a critical step toward addressing financing gaps faced by women, youth, and Persons with Disabilities (PwDs). The initiative aims to embed inclusivity principles within Nigeria’s investment ecosystem, ensuring that marginalized groups have access to the resources needed to thrive. Aigbogun called on stakeholders to embrace the roadmap and commit to building a gender-inclusive economy where prosperity and social impact are intertwined.
The GESI roadmap is expected to drive equitable economic growth by prioritizing investments in women-led businesses and initiatives that promote social inclusion. It seeks to create a framework where financial institutions, regulators, and policymakers work collaboratively to dismantle systemic barriers. By setting clear targets and fostering accountability, the roadmap aims to ensure that Nigeria’s economic growth is inclusive and sustainable.
Sanusi’s call to action resonated strongly with attendees, who recognized the urgency of addressing gender disparities in Nigeria’s political, economic, and social spheres. His emphasis on deliberate, systemic reforms underscored the need for bold leadership to drive change. By sharing his experiences at the CBN, Sanusi demonstrated that transformative progress is possible when institutions prioritize equity and inclusivity. His proposal for reserved senatorial seats and gender-disaggregated reporting offered practical solutions that could be adopted across various sectors.
The summit also highlighted the broader societal benefits of gender equity. Empowering women in leadership and business not only addresses longstanding inequalities but also unlocks significant economic potential. Studies have shown that increasing women’s participation in the workforce and leadership roles can boost GDP growth and improve organizational performance. In Nigeria, where women make up nearly half of the population, their full participation in all sectors is critical for achieving sustainable development.
As Nigeria grapples with economic challenges and seeks to diversify its economy, the insights shared at the GIIS serve as a roadmap for progress. By dismantling barriers to women’s participation and fostering an inclusive investment ecosystem, the country can unlock new opportunities for growth and development. The commitment of leaders like Sanusi, alongside government and private sector stakeholders, signals a growing recognition of the need for systemic change.
In conclusion, the 3rd Gender Impact Investment Summit underscored the importance of deliberate action in advancing gender equity in Nigeria. From Sanusi’s call for constitutional reforms and targeted policies to the government’s pledge to champion women-inclusive growth, the event highlighted the transformative potential of inclusivity. The launch of the GESI roadmap further reinforced the commitment to mobilizing resources for equitable economic growth. As Nigeria moves forward, the collective efforts of policymakers, traditional leaders, and private sector actors will be crucial in ensuring that women are not left behind in the nation’s development journey. By embracing gender equity as a cornerstone of progress, Nigeria can build a more prosperous and inclusive future for all its citizens.
