Foremost accounting firm, PwC, yesterday released the 28th Annual Global CEO Survey: Nigerian perspective, highlighting how Nigerian Chief Executive Officers (CEOs) are making strategic decisions to reinvent their businesses amid rising economic uncertainty and megatrends like GenAI and Sustainability.
According to the survey, the CEOs are optimistic about the growth of the Nigerian economy despite the macroeconomic challenges.
According to the report, nearly 60% of CEOs globally and 61% in Nigeria anticipate a rise in global economic growth over the next 12 months, up from 38% in last year’s global survey.
Despite economic challenges like inflation and macroeconomic volatility, 64% of Nigerian CEOs express confidence in the growth of the domestic economy.
However, on the top pressure CEOs are facing, 58 per cent of them cite inflation and macroeconomic volatility (39%) as top threats in the year ahead.
Daily Trust reports that Nigeria’s inflationary trend has weakened purchasing powers among Nigerians leaving stocks of goods produced by the manufacturers unsold.
The Manufacturers’ Association of Nigeria (MAN) recently disclosed that the inventory of unsold finished goods in Nigeria surged by 87.5 per cent to N2.14 trillion in 2024 with the increment driven by weakened consumer demand, escalating production costs and declining purchasing power.
Amid the challenges, the survey indicated that CEOs in Nigeria are reinventing their operations and business models, and they are exploring new sectors (61%) and targeting new customer segments (56%), demonstrating agility and positioning themselves for success.
A report by PwC Nigeria has revealed that 81% of Nigerian CEOs anticipate integrating AI into their technology within the next three years, as AI adoption is seen as a key driver for long-term growth. Additionally, 67% of CEOs have made climate-friendly investments over the past five years. The survey highlights the resilience and adaptability of Nigerian business leaders, who are actively reshaping their business models to seize emerging opportunities. However, the report advises CEOs who are yet to embrace the shift to act now, as delay can widen the gap between forward-thinking organizations and those struggling to keep pace.
