Business
UK To Consider Quota For Female Directors
Leading British companies could be given two years to increase the number of female directors or face quotas as part of a government review looking to increase the number of women sitting on company boards.
The proposal is among several measures being considered by a government panel looking into why there are so few women on the board of UK-listed companies.
The panel, headed by former trade minister Mervyn Davies, will meet later on Monday to debate its final recommendations in a report to be published shortly, a spokesman for the Department of Business said.
Countries across Europe are considering quotas to tackle the low numbers of women in company boardrooms.
Deutsche Bank CEO Josef Ackermann has faced criticism in Germany after joking that the inclusion of women on the bank’s all-male executive board would make it “more colourful and prettier”.
Female directors take up just 135 of the 1,076 directorships on boards of FTSE 100 companies in Britain, according to a report by Cranfield School of Management.
Angela Ahrendts, of fashion group Burberry, Alison Cooper at Imperial Tobacco, mining company Anglo American CEO Cynthia Carroll and long-serving Pearson boss Marjorie Scardino are some of the few women to make it to the top of UK-listed companies.
Statutory quotas are just one of a raft of measures being considered.
Other proposals include voluntary targets, as well as creating an academy of company chairmen to mentor female executives to take up boardroom positions.
The review is also examining why women may be put off taking up directorships and is considering more transparency for recruiters and headhunters when looking for people to fill boardroom positions.
The Institute of Directors (IoD), an independent body representing senior company figures, opposed quotas in its submission to the panel.
“We simply think that boards and shareholders should be able to form a board based on the merits of an individual and the requirements of the company,” said Roger Barker, head of corporate governance at the IoD.
The IoD said there was no “quick-fix solution” to a complex problem, but that companies could cast their nets wider when appointing non-executives, rather than just relying on figures with executive experience.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.