CORPORATE GOVERNANCE AND FIRM PERFORMANCE IN NIGERIA

This study investigates the influence of corporate governance mechanisms on the financial performance of consumer goods firms listed on the Nigerian Exchange Group (NGX) between 2019 and 2023. Using a sample of twenty (20) quoted companies over a five-year period, the study examines Earnings Per Share (EPS) as the dependent variable, while Frequency of Board Meetings, Board Size, Gender Diversity, and Board Independence serve as independent variables. Data were collected from audited annual reports and analyzed using descriptive statistics, correlation analysis, Variance Inflation Factors (VIF), heteroskedasticity tests, and Panel Least Squares regression in E-Views 13.
The findings indicate that Frequency of Board Meetings, Board Size, and Board Independence significantly and positively influence EPS, highlighting the importance of regular board oversight, optimal board composition, and independent directors in enhancing firm performance. Gender Diversity, however, was found to have no statistically significant impact on financial performance, suggesting that diversity alone may not translate into measurable financial outcomes without supportive policies and inclusive practices. The study concludes that effective corporate governance structures are critical in improving transparency, accountability, and financial performance in Nigeria's consumer goods sector. The study recommends the adoption of policies that promote independent oversight, regular board meetings, optimal board size, and effective gender diversity practices.