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Abstract
The critical mass of female directors in Nigeria's emerging economy serves as a crucial factor for manufacturing firms to make prudent financial decisions regarding debt usage. This research examines how women directors affect debt financing practices in Nigerian listed manufacturing companies using the Critical Mass Theory as its theoretical foundation. This research examines debt financing through an analysis of board female gender tokenism and board female gender critical mass using Linear Bootstrap Regression Analysis to test the hypotheses. A sample of forty-six (46) manufacturing firms listed on the Nigerian Exchange Group (NGX) from 2014 to 2023 provided the data which were obtained through purposive non-probability sampling technique. The research shows that companies with substantial female board members adopt more risk-averse financial strategies including lower debt usage in line with the “Critical Mass Theory” principles. Decisions about debt financing remain unaffected by token female board members while companies with critical mass female representation on their boards demonstrates better financial management practices that boost organizational resilience during Nigeria's unstable economic environment. The study recommends that stakeholders including regulators and investors should make gender diversity a strategic asset for long-term financial stability. Keywords: Women Directorship, Debt Financing, Tokenism, Critical Mass Theory, Bootstrap Regression.