ABSTRACT

This study examines the relationship between board diversity and the financial performance of quoted oil and gas firms in Nigeria, focusing on national, ethnic, age, and gender diversity. Utilizing an ex-post facto research design, data from annual reports of twelve listed oil and gas companies on the Nigerian Exchange Group spanning the period from 2013 to 2022 is analyzed.

The population comprises all twelve oil and gas companies listed on the Nigerian Exchange Group as of December 31, 2022, with the sample size coinciding with the population size due to the small population.

Panel data methodology, specifically Ordinary Least Squares (OLS) regression, is employed to account for potential time-series variation and firm-specific effects in the analysis.

The study finds that ethnic and age diversity has a positive and significant relationship with financial performance. Also finds that national diversity has non-significant negative impact, while gender diversity has a significant negative effect on financial performance.

The study recommends that there is a need to promote ethnic and age diversity on boards, while addressing barriers to gender diversity and fostering inclusive recruitment practices. Policymakers are also recommend to provide diversity programs and develop inclusive governance frameworks to drive sustainable growth in the Nigeria oil and gas sector.