Board Composition and Financial Performance of Listed Manufacturing Firms in Lagos State

This study investigates the relationship between board composition and the financial performance of listed manufacturing firms in Lagos State, Nigeria. Corporate governance reforms in recent years have drawn attention to the structural attributes of boards, particularly board size, independence, and gender diversity, as determinants of firm value. Despite regulatory efforts by the Securities and Exchange Commission and the Nigerian Exchange Group, performance gaps persist among manufacturing entities, raising questions about the adequacy of existing governance structures. The study adopts a descriptive survey design, drawing on five years of annual report data from selected firms listed on the Nigerian Exchange Group. A sample of twenty firms is selected using purposive sampling, and financial performance is measured using return on assets and earnings per share. Secondary data are analysed using descriptive statistics and ordinary least squares regression. Preliminary findings from extant literature suggest that board independence and gender diversity positively correlate with improved financial outcomes, though context-specific factors moderate these effects. The study contributes to the growing body of literature on corporate governance in emerging markets by providing localised evidence from the South West geopolitical zone. Findings are expected to assist regulators, firm management, and investors in refining governance codes applicable to the manufacturing sector. Keywords: board composition, financial performance, manufacturing firms, corporate governance, Lagos State.