In Nigeria’s predominantly male Real Estate sector, women encounter many obstacles. Women’s participation in professional industries such as real estate has been hampered by cultural biases that have traditionally limited them to household responsibilities. Even while women’s influence in the industry is growing, they still face obstacles like work-life balance, discrimination based on gender, restricted networking opportunities, and trouble getting funding. Nigeria has a large leadership gap, with women holding only 23% of board seats. Women face additional obstacles in proving their worth due to stereotypes about their ability and a dearth of female mentors, which make them work twice as hard.
Despite these obstacles, women are still making progress in the fields of lobbying, education, and legal change, demonstrating their ability as managers, investors, and innovators. There are methods for removing obstacles, including encouraging gender diversity, updating workplace regulations, and developing sponsorship and mentoring initiatives. Financial firms are urged to facilitate more Finance access for women. An industry that is more inclusive will greatly increase performance as well as promote inclusion and respect for the contributions made by women. Although men have historically held the majority in the real estate sector, women have recently made notable progress, shattering preconceptions and accomplishing amazing feats.
Firms with gender-inclusive exec teams have above-average profitability.
Dorothy Herman, the CEO of Douglas Elliman, one of the biggest real estate companies in the country, is one such example. Herman transformed a small Investment into a billion-dollar business; she is frequently referred to as “the richest self-made woman in real estate.” Her story serves as a testament to the potential of women in leadership positions who are provided with tools, opportunity, and support. Another notable example is Victoria Onwubiko, the Managing Director of Adiva Properties Limited in Nigeria.
More so, while pushing for women in the field, she has played a significant role in the development of various residential estates and creative housing alternatives. A new generation of Nigerian women in the real estate industry is continually motivated by Onwubiko’s advocacy and leadership. The necessity for institutional reform to encourage women’s involvement in the industry is emphasized by industry leaders. A McKinsey analysis from 2023 states that businesses with diverse executive teams in terms of gender are 25% more likely than their counterparts to enjoy above-average profitability.
Flexibility is essential for promoting women’s career advancement.
Companies can implement many proactive measures to foster a more diverse and inclusive atmosphere. Women require mentorship to help them along their career paths by giving them contacts, support, and insights. Women’s networks have been formed by companies such as CBRE in order to provide female professionals with a community of support and mentorship. Businesses should evaluate their recruiting and promotion procedures to make sure they are impartial and open. The Global Real Estate Diversity and Inclusion Council recommends blind hiring procedures as a way to lessen implicit prejudice and advance deserving women according to their qualifications and experience.
It is imperative to have flexible work regulations, particularly for women who are juggling work and family obligations. Flexibility is essential for promoting women’s career advancement, as shown by the flexible work arrangements introduced by organizations such as Jones Lang LaSalle (JLL), which have greatly enhanced the retention of female employees. Financial institutions have the ability to develop grants and Loan programs expressly intended to assist female real estate entrepreneurs. For example, IFC’s Women Entrepreneurs Finance Initiative (We-Fi) has raised over $3 billion in capital worldwide, with a share going toward supporting women-owned real estate companies.
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Enhancing women’s roles in real estate could have a substantial positive economic impact on Nigeria; according to the International Labour Organization, closing gender gaps in the workforce could add up to $28 trillion to global GDP by 2025. In real estate specifically, women’s involvement could lead to more Affordable Housing solutions, improved urban planning, and increased property values, all of which could positively impact the market as a whole. A 2021 study by Boston Consulting Group discovered that firms with above-average diversity in leadership saw a 19% increase in Revenue from innovation. When women are in leadership roles, they bring unique perspectives that drive creative solutions and new market opportunities.